Secondhand apartment prices in Tokyo City up 8.1%

According to REINS, 1,559 second-hand apartments were sold in Tokyo City in September, up 21.2% from September 2012 and up 41.1% from the previous month. A total of 3,123 second-hand apartments were sold across greater Tokyo for the month, up 12.5% from last year.

The average sale price across greater Tokyo was 26,540,000 Yen, up 6.5% from last year and up 3.8% from August. The average price per square meter was 409,500 Yen, up 8.7% from last year and up 2.3% from August.Read more

by Zoe Ward

Land prices increase for first time in 5 years

The MLIT announced the nationwide standard land prices (kijun-chika) on September 19. These land price surveys are carried out by the prefectural governments each year on July 1.

This year, commercial land prices increased in Tokyo, Osaka and Nagoya for the first time in five years.

Nationwide, the overall land prices were down 1.9%. This is the 22nd year of decline, although the rate has reduced from a 2.7% decline in 2012. The decline is being pulled down by rural or regional area suffering from depopulation, which saw prices drop 2.6% this year. Overall land prices in Japan's three largest cities, however, were up 0.1% after a 1% drop in 2012.Read more

by Zoe Ward

Daiwa House aquires development site in Ariake

Daiwa House have acquired a 3.6 hectare development site in Ariake, Koto-ku for 42.17 billion Yen (approximately 424 million USD). The land was sold by the Urban Renaissance Agency (UR).

The site is part of the Ariake North District on a man-made island in Tokyo Bay. It has water frontage on two sides and is walking distance to Odaiba.Read more

by Zoe Ward

Kyoto to ease building restrictions for narrow blocks

To encourage the redevelopment of ageing buildings located on land with narrow street frontages, Kyoto City will be easing building restrictions.

Many of Kyoto's small lane ways are crowded with wooden buildings that pose a fire hazard. The measures will target approximately 700 buildings built before 1950 in Kamigyo, Nakagyo, Shimogyo and Higashiyama-ku.Read more

by Zoe Ward

Central Tokyo secondhand apartment prices up 15.2% from last year

According to REINS, the number of second-hand apartment sales in greater Tokyo for the month of June 2013 increased by 17.9% from last year to 3,149 apartments. This is the 10th month in a row where sales have exceeded those of the same month one year prior.

The average sale price was 25,740,000 Yen (257,000 USD), up 6.9% from last year and up 0.1% from last month. The average sale price per square meter was 399,700 Yen/sqm, up 5.9% from June 2012 but down 0.4% from last month. The average apartment age was 19.12 years.

In central Tokyo's 3 wards (Chiyoda, Chuo and Minato), the average sale price of 45,500,000 Yen (454,000 USD) was 15.2% higher than last year and 3.6% higher than last month. The average price per square meter was 798,300 Yen, up 9.4% from last year and up 1.7% from last month.Read more

by Zoe Ward

Rosenka land values down 1.8% nationwide

The National Tax Agency announced the 2013 Rosenka land valuations on July 1. Although the average land value nationwide fell for the 5th year in a row, the rate of decline is slowing. Rosenka land values were down 1.8% across Japan in 2013, after falling 2.8% in 2012 and 3.1% in 2011.

In Tokyo, the rosenka land value dropped by 0.3%, compared to a 1.2% decline in 2012.Read more

by Zoe Ward

Avoiding consumption tax increase too late for some

It may already be too late for some buyers looking to build their own home before the planned consumption tax increase next year. A last minute rush by buyers nationwide and a shortage in land and building materials means that some buyers will miss out on the current 5% tax rate.

A clause in construction contracts states that 'if the contract was signed at least 6 months prior to an increase in consumption tax, the tax rate applied at the time of hand-over will be the rate in effect at the time the contract was signed'. This means buyers must have their construction contracts signed before the end of September 2013 in order to lock-in the 5% consumption tax rate, otherwise they may be subject to the 8% rate which is scheduled to kick in on April 1, 2014.Read more

by Zoe Ward