Property values rising in Tsunami affected areas

July 11, 2011Ishinomaki,Japan earthquake,japan property values,japan tsunami,Miyagi,Sendai,Shiogama,Tagajo,TohokuReal Estate News,Market Information

Real estate transaction prices on properties in North Japan's tsunami affected coastline have seen recent increases since the March 11 earthquake. The buyers include residents who have lost their homes as well as property developers anticipating future redevelopment.Read more

by Zoe Ward

Reconstruction vs. long-life maintenance. What is the fate of your apartment?

July 10, 2011apartment reconstruction,Hanshin earthquake,Japan condominium,Japan earthquake codes,Japan property,kyu-taishin,shin-taishin,Tama Newtown,Tohoku earthquakeDemolition,Redevelopment & Reconstruction

The condominium market is facing a dilemma - to rebuild or to maintain.

The Japanese Government has enacted laws promoting both long-life construction methods and reconstruction. While there is the Basic Act for Housing and the Law on Promoting the Spread of Long-term Housing to ensure and improve stable housing and to promote the construction long-lasting buildings, there are also laws such as the Apartment Reconstruction Facilitation Law to enable and support building reconstruction.Read more

by Zoe Ward

Tokyo residents buying up vacation homes in resort areas to escape summer heat and power shortages

July 9, 2011Japan vacation home,Japanese home,Kiyosato,Yamanashi,Yamanashi real estate,YatsugatakeReal Estate News

yatsugatake-nanroku-vacation-homeTokyo residents are flocking to Yatsugatake Nanroku near Kiyosato Station in Hokuto City, Yamanashi Prefecture to purchase vacation homes. Due to the predicted power shortages caused by the nuclear power crisis at the Fukushima Daiichi Power Plant, the Kiyosato area with its cooler summers and relative distance from the Fukushima plant is seeing a revival.

Real estate company, Allcare, who develops holiday homes in the Yatsugatake Nanroku area, has started construction on 12 new homes in the past 2 months. They would normally only build 10~12 homes per year, so they are looking at a big increase in sales for 2011.Read more

by Zoe Ward

Fukushima's real estate market not expected to recover for at least 3 years

July 8, 2011Aizu,Fukushima,Fukushima real estate,Hamadori,Japan real estate,japan real estate market,Nakadori,Tohoku earthquakeReal Estate News,Market Information

Fukushima Prefecture's Real Estate Appraisal Association announced the results of their survey on the real estate market for Fukushima following the March 11 earthquake, tsunami and nuclear disaster.Read more

by Zoe Ward

Real estate transactions by listed companies fall 40% in April-June

July 7, 2011J-REIT,Japan earthquake,Japan power crisis,Japan real estate,REIT,Tohoku earthquakeReal Estate News,Market Information

  • Pre-quake transactions for 1st qtr of 2011 were 788.3 billion Yen
  • Post-quake transactions for 2nd qtr of 2011 fall to 246.4 billion Yen
  • Companies expecting fall in earnings and profits
  • Reduced supply of properties
  • Power shortages mean no recovery expected until at least September, 2011

The total value of real estate transactions made by publicly listed companies between April and June, 2011, fell 40% to 246.4 billion Yen. This is the lowest level for this quater since 2003. Following the March 11 Tohoku Disaster, many sales were postponed and the property market quickly descended into chaos. With the supply of properties also falling, the market is expected to take a while before bottoming out.Read more

by Zoe Ward

Does your apartment building have earthquake insurance?

June 15, 2011Chiba,Earthquake damage,Earthquake insurance,Japan earthquake,Liquefaction,SSendai,Tohoku earthquake,UrayasuReal Estate News

*If you own an apartment in Japan, you can take out optional earthquake insurance. This insurance only covers your apartment and does not cover the common areas of the building or the structure itself. The management association for the building can take out earthquake insurance on the common areas, but as it turns out, less than a third of all buildings are covered.

Owners of apartments in uninsured buildings are facing great repair bills as a result of the March 11 Tohoku Earthquake.Read more

by Zoe Ward

Tokyo second-hand apartment sales down 10% in May

June 13, 2011Real Estate News,Market Information

Real Estate Information Network for East Japan (REINS) announced their results for real estate transaction movements in the Tokyo area for the month of May, 2011.

A total of 2215 contracts were made on second-hand apartments. This is a fall of 10.7% compared to May of the previous year, and the second month of decline. In April, the decline was 14.4%. The average purchase price was down 0.5% to 25.31 million Yen (308,000 USD). The average apartment size was 65.09 sqm and average age was 18.19 years.Read more

by Zoe Ward