New apartment sales slow in September
Rising prices have caused some buyers to retreat from the new apartment market, causing developers to postpone sales of some projects. According to the Real Estate Economic Institute, 2,430 new apartments were released for sale in September, down 6.9% from the previous month and down 27.2% from last year. 1,604 apartments were sold, making the contract rate 66.0%, down 8.3 points from the previous month and down 5.6 points from last year. This is also below the 70.0% level said to indicate the line between good and poor market conditions.
262 apartments in high-rise buildings (over 20 storeys) were offered for sale, down 36.3% from last year. The contract rate was 66.8%.
The average price of a brand new apartment released for sale in greater Tokyo was 53,930,000 Yen, down 8.2% from the previous month but up 13.2% from last year. The average price per square meter was 761,000 Yen, down 7.6% from the previous month but up 14.4% from last year.
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West Japan’s most expensive apartment to go on sale in Kyoto
On October 8, Mitsubishi Jisho Residence announced a new condominium project for central Kyoto. The most expensive apartment in the building will be priced at over 700 million Yen (5.85 million USD). According to the Real Estate Economic Institute, this is the most expensive apartment to be released for sale in West Japan in the past 20 years. With a price of around 2,440,000 Yen/sqm (1,895 USD/sq.ft), it is similar to the current price of luxury high-rise apartments in central Tokyo.
The Parkhouse Kyoto Kamogawa Gosho-Higashi is located alongside Kyoto’s Kamo River and is 250 meters east of the Kyoto Imperial Palace. This will be the first condominium to be built alongside this river since 2004.Read more
Japan’s tallest base-isolation residential tower to be built in Osaka
On October 1, Mitsubishi Jisho Residence opened the model-room for a high-rise residential building planned for Osaka. With 55 floors and a height of 193 meters, The Parkhouse Nakanoshima Tower will be the tallest base-isolation residential building in Japan when complete (based on the total floor count).
The one, two and three-bedroom apartments will range in size from 40 ~ 148 sqm (430 ~ 1,592 sq.ft) and will be priced from 20 ~ 230 million Yen (166,000 ~ 1.91 million USD). There will be 894 apartments on 55 floors. The 22 premium apartments on the top two floors of the building will be priced over 100 million Yen (832,000 USD) each.Read more
Japan’s first high-rise condominium to be redeveloped
After several years of discussions, redevelopment plans have finally been announced for the 62-year old Miyamasuzaka Building / Miyamasuzaka Apaato in Shibuya. Demolition of the current building is expected to start in February 2016, with the new building to be completed by 2020. The building’s owners association voted in favour of redevelopment in March 2012.
This was Japan’s first high-rise condominium. It was developed by the Tokyo Metropolitan Government Bureau of Construction and completed in 1953. The building has 11 storeys above ground and one basement floor.
The typical apartment size in this building ranged from 39 ~ 43 sqm (420 ~ 463 sq.ft). Although the rooms may be small by today’s standards, the building was considered to be the epitome of luxury living at the time. When new, prices ranged from 600,000 ~ 1,000,000 yen, and almost all of the buyers were high-income earners such as bureaucrats, bankers or university professors.Read more
Akashi’s tallest and most expensive condominium tower to go on sale this month
Akashi City’s tallest and most expensive condominium is going on sale later this month and is already drawing a lot of interest from potential buyers. Three of the apartments will be priced over 100 million Yen and the most expensive apartment will be a 110 sqm (1,184 sq ft) 4-Bedroom unit priced at 130.9 million Yen (1.09 million USD). It is unusual to see apartments priced over 100 million Yen in the suburban areas of Kansai, and this is the first time that Akashi City has seen apartments priced at this level.
Proud Tower Akashi will be a 34-storey condominium located just a 2 minute walk from Akashi Station and 350 meters from the Akashi Castle park. The 199 apartments range in size from 54 ~ 110 sqm (581 ~ 1,184 sq ft) and are priced from 22.5 ~ 130.9 million Yen.Read more
400m tall office tower for Tokyo Station area
Mitsubishi Estate is planning a 400 meter tall office building for an area just north of Tokyo Station. This is the largest development planned for the Otemachi/Marunouchi area, and when complete it will be the tallest building in Japan, exceeding the 300m tall Abeno Harukas in Osaka.
Mitsubishi is aiming to make the building an international centre for finance, and hope to attract both domestic and foreign financial institutions.Read more
New apartment prices reach 23-year high in greater Tokyo
According to the Real Estate Economic Institute, the average price of a brand new apartment released for sale in greater Tokyo was 59,530,000 Yen (478,000 USD) in July, up 2.4% from the previous month and up 7.6% from last year. This is the highest sale price seen since May 1992, when prices were 59,710,000 Yen.
The average price per square meter in July was 850,000 Yen (635 USD/sq ft), up 2.5% from the previous month and up 10.2% from last year. This is the highest price seen since November 1992 (877,000 Yen/sqm).
An increase in the supply of luxury apartments as well as high construction costs is said to be behind the rise in the average sale price.Read more