50-yr old apartment building in Shinjuku to be refurbished
A former luxury rental apartment building in Shinjuku is undergoing a full refurbishment. Rather than follow the standard practice of demolishing and rebuilding from scratch, the 50-year old building will be stripped back to its concrete structure, retrofitted and renovated.
New apartment supply drops 38% in October
The supply of brand-new apartments released for sale across greater Tokyo for the month of October was 2,055 units, down 38.8% from last year and down 11.1% from the previous month. Unsold inventory dropped 16.9% from last year to 5,376 units.
Home loan tax deduction may be reduced in 2022
The cash loophole from the 1% home loan income tax deduction is about to be closed as the government looks to revise the percentage down next year.
2021 sees continued demand for real estate in Tokyo
Although Tokyo’s office vacancy rate has been climbing for the past 20 months, institutional investors are not shying away from the nation’s capital. With vacancy rates on the rise and rents falling, real estate prices should typically decrease. However, in a low interest rate environment investors are content with lower yields and are paying more to secure prime real estate.
In Kanazawa, 100 historic townhouses are demolished each year
The historic merchant city of Kanazawa is seeing as many as 100 of its historic machiya-style townhouses demolished each year. And while there are efforts underway to preserve as many homes as possible, there are still some high hurdles that remain.
Tokyo office vacancy rate climbs for 20th month
According to brokerage Miki Shoji, the average vacancy rate for office space across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya reached 6.47% in October, up 0.04 points from the previous month and up 2.54 points from last year. This is the 20th month in a row to see an increase.
Tokyo apartment prices increase for 18th month
Apartment prices across Tokyo continued to climb last month with REINS reporting a 7.9% year-on-year increase in the average price per square meter of a second-hand apartment sold across the greater Tokyo area. This is the 18th month in a row to see a year-on-year increase.