Nationwide land values increase for first time in 2 years
On March 22, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) announced the official assessed land values (koji-chika) for 2022. Nationwide, the average land value across all land uses increased by 0.6%, recording the first increase in two years.
Old buildings in Nagoya slow to retrofit
Retrofitting older buildings in Nagoya is taking longer than anticipated. A major change to earthquake building codes was enacted in June 1981, with buildings with construction planning certificates issued before this date referred to as ‘kyu-taishin’, or old earthquake resistance, and those after this date referred to as ‘shin-taishin’, or new earthquake resistance. In many cases, these older buildings need retrofitting to bring them up to current standards, but this is not a simple task.
Tokyo office rents drop for 19th month
The release of large-scale offices for rent and some relocations to recently-completed buildings saw an additional 42,965 sqm of floor space up for rent in February, according to brokerage Miki Shoji.
93-yr old bathhouse being demolished
Demolition of a historic and famous bathhouse in Kitasenju began on March 10. Daikoku-yu was one of Tokyo's leading examples of the 'miya-tsukuri' style of architecture often used for palaces, shrines, and temples, but also popular for larger bathhouses.
Tokyo apartment rents hit new high in February
In February, the average rent of an apartment in Tokyo's 23 wards was up 1.1% from last year, according to Tokyo Kantei.
9.7% rent discount for public servants in Akasaka
No rental inflation here. Residents of the Akasaka Public Dormitory for Diet Members are about to see their monthly rent discounted by over 13,000 Yen from next month onwards.
New apartment price across greater Tokyo rises by 16.3%
According to the Real Estate Economic Institute, the average price of a brand-new apartment released for sale across greater Tokyo in February was 74,180,000 Yen, up 16.3% from last year.