Residential yields in Minato-ku - November 2015
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in Tokyo was 4.7% in November, up 0.2 points from the previous month but down 0.6 points from last year. The average gross yield across Tokyo was 6.3%, down 0.2 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 877,700 Yen/sqm as of November 1, 2015, up 0.7% from the previous month and up 9.3% from last year. The average asking price for land was 1,280,909 Yen/sqm, up 0.9% from the previous month and up 0.6% from last year.Read more
Two arrested under suspicion of illegally leasing apartments to foreign tourists
On November 5, the Kyoto Prefectural Police began interviewing two people who are suspected of allegedly leasing out apartments to foreign tourists for short stays without obtaining the appropriate hotel license.
The two suspects are are 52-year old advisor from a travel company in Tokyo and a 48-year old from a hotel proxy company in Yamagata City.
Both companies have been accused of renting out apartments in Kyoto’s Ukyo-ku to tourists on a short-term basis without a license which is in violation of the Hotel Business Law. As many as 300 guests used the accommodation between July and early October.Read more
Brand new retail/commercial building for sale in Shibuya
| SOLD | |
| Gross yield: - | Occupancy: - |
*Update: This property is no longer available*
This is a brand new retail building for sale in Shibuya offering immediate cash flow. The 3-storey concrete building was completed in September 2015 and is fully leased to a sub-leasing company for 1,389,710 Yen per month. The sale is for the tenanted building and the freehold land.
There are three separate spaces, each with their own entrance. Each floor has a ceiling height of 3.5 meters, much higher than the 2.4 ~ 2.6 meter ceilings found in most normal buildings. There is also a rooftop terrace for entertaining, which is accessible via the retail/office space on the 2nd and 3rd floors. The interiors are bare for tenants to fit out.
It is located halfway between Omotesando and Shibuya Stations, and is 30 meters behind the busy Aoyama Dori Street. The surrounding area is a mix of office, retail, restaurants, cafes and residential, but is primarily a commercial area. It is 200 meters from the offices of Conde Nast, Yves Saint Lauren and Alexander McQueen.Read more
Tokyo City to demolish Kunio Maekawa-designed clubhouse
The Tokyo metropolitan government plans to demolish the Fujimigaoka Clubhouse in Suginami-ku within this financial year.
The 200 sqm, 2-storey wooden structure was built in 1954 as the clubhouse for the former NHK sports grounds. It was designed by Kunio Maekawa - one of Japan’s great modernist architects.
Suginami-ku had leased the grounds from NHK from 2007 until May 2015, and used the clubhouse as the management office. Tokyo City acquired the 10.9 hectare property from NHK between 2012 ~ 2014, and are preparing to turn it into a public park. Unfortunately the city has decided that the clubhouse must be demolished to make way for the new park.Read more
Tokyo apartment sales in October 2015
The following is a selection of apartments that were sold in central Tokyo during the month of October 2015:Read more
Apartment prices up in Okinawa
Several high-rise residential buildings in Okinawa have seen an increase in re-sale prices over the past few years.
One of the recent residential developments, called RYU:X TOWER, sold out prior to completion. The twin tower condominium contains 676 apartments over 30 floors. The first tower was completed in 2013, and apartments have already been selling on the re-sale market for 10 ~ 25% higher than their price when new. Apartments can currently be found on the resale market for between 670,000 ~ 1,125,000 Yen/sqm. The second tower was completed in May 2015 and has already sold out. The most expensive apartment was priced at around 130 million Yen (1.07 million USD). This has been the largest condominium development in Okinawa to date.
Urtore Mihama is a 19-storey resort condominium in Chatan, and just south of the Kadena Air Base. The 421-unit complex was completed in 2010 at a time when Japan’s economy and property market was in a slump. Sales were off to a bad start at first, but saw an unexpected turnaround after the 2011 Tohoku Disaster led to an influx of families looking to move as far away from the Fukushima nuclear plant as possible. All apartments were eventually sold.Read more