Residential yields in Minato-ku - December 2015
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in Tokyo was 4.7% in December, showing no change from the previous month and down 1.2 points from last year. The average gross yield across Tokyo was 6.2%, down 0.1 points from the previous month and down 0.6 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 890,285 Yen/sqm as of December 1, up 1.4% from the previous month and up 6.8% from last year. The average asking price for land was 1,317,575 Yen/sqm, up 2.9% from the previous month and up 4.7% from last year.Read more
Tadao Ando-designed house in Tokyo for sale
UPDATE: SOLD
A contemporary residence designed by famed architect Tadao Ando is currently listed for sale. The 4-bedroom home is located in the trendy Daikanyama neighbourhood and is a 15 minute walk from Shibuya Station.Read more
Deciphering Japan’s vacant home numbers
A lot of fuss is made over the large number of vacant homes across Japan (8.2 million residential properties in 2013). Some lament about how wasteful it is for empty homes to sit unused, while others suggest a huge potential market in filling these empty homes, even converting them for use by foreign tourists.
These suggestions and critiques, however, fail to take into account the fact that many of these empty homes have fallen into serious disrepair and may be in locations so remote or unpopular that there is simply no demand for them.
On November 20, the Ministry of Land, announced the results of their investigation into the vacant home numbers. Of the total vacant housing stock, approximately 42% were vacant for ‘other reasons’ (eg. not holiday homes and not vacant homes that have yet to be moved into by their owners).Read more
Shiba Park Building returns to the market
Shiba Park Building, a landmark office building in central Tokyo, is being offered for sale again, with insiders suggesting it could sell for more than 160 billion Yen (1.3 billion USD). *Update: Several months later, the owners decided to take advantage of low borrowing rates to refinance rather than sell the building, with the net rental income providing a more attractive return than disposal of the asset.
The 14-storey building has a total floor area of 103,000 sqm (1.1 million sq.ft), of which 83,000 sqm is leasable space. It was built in 1982 by Shuwa Corporation, a real estate developer that invested heavily in US properties during Japan’s bubble economy in the late 1980s. Shuwa was also the developer of numerous ‘Shuwa Residence’ vintage apartment buildings built across Tokyo and Saitama in the 1960s and 1970s.Read more
Tokyo Apartment Sales in November 2015
The following is a selection of apartments that were sold in central Tokyo during the month of November 2015:Read more
Historic villa in Beppu at risk of demolition
A historic home and art gallery in Beppu City is at risk of demolition, leading local residents and art aficionados scrambling to find a solution to protect the 86-year old property. The gallery and cafe is due to close by the end of this month.
Chochokaku was built in 1929 and is registered as a National Tangible Cultural Property. It was built by Kinya Takahashi (1866-1937), a politician, businessman and first president of the Beppu Chamber of Commerce, as his personal residence and guest house. The 2-storey wooden residence has a total floor area of 270 sqm (2,905 sq.ft). It includes both the traditional Japanese-style residence with tatami rooms, as well as an art-deco western-style wing.Read more
Contractor cites Edo-period land claim in lake landfill dispute
A construction contractor in Matsue City, Shimane Prefecture, is citing a 200-year old claim to surface rights of Lake Shinji after the government has accused him of illegal legal reclamation. Since 1997, the national government has issued 35 infringement notices to the contractor, ordering him to cease his land reclamation work and return the site to its original condition.Read more