Skyrocketing wood prices and making homes more expensive than ever
Building construction costs in Japan continue to grow as economic sanctions on Russia have caused wood imports to stall. Prices are rising so rapidly that some new homeowners are having to choose between paying more or losing a spare bedroom.
Tokyo apartment prices increase for 25th month
The average sale price of a second-hand apartment in Tokyo’s 23 wards recorded the 25th consecutive year-on-year increase in May, with prices increasing by 10.8% to 876,200 Yen/sqm.
Proposal to reduce voting ratios further for earthquake-damaged apartment buildings
In order to quicken the reconstruction process in the event that an apartment building is severely damaged in an earthquake, the national government is firming up plans that would see voting ratios reduced even further.
Land prices continue to rise in first quarter of 2022
According to the latest quarterly LOOK Report issued by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), land prices at 57% of the surveyed locations saw an increase in the first quarter of 2022. This is a vast improvement from a 28% share seen in the same quarter in 2021 and a 1% share seen in the second quarter of 2020 when the effects of the pandemic began to be known.
Home loan interest rates lowered this month
Four of Japan’s five mega-banks have reduced the premium interest rate on new home loans offered in June. The rate reductions apply to 10-year fixed rate mortgages.
Mori Trust acquires hotel development site in Gion
On May 1, real estate developer Mori Trust announced the acquisition of 2,300 sqm of land in Kyoto’s Gion district with the aim of creating a luxury hotel of an international standard.
Tokyo Apartment Sales in May 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of May 2022: