Rent for condominium-type apartments down in June

According to Tokyo Kantei, the average monthly rent for a condominium-type apartment in greater Tokyo for the month of June has fallen compared to the previous month.

Average Rent:

  • Tokyo City: 2960 Yen/sqm, down 0.5%
  • Kanagawa: 2027 Yen/sqm, down 0.6%
  • Saitama: 1620 Yen/sqm, down 1.6%
  • Chiba: 1593 Yen/sqm, down 0.2%

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by Zoe Ward

New condominium supply down 32.9% in Tokyo area

The Real Estate Economic Institute announced that new apartments offered for sale in the greater Tokyo area (Tokyo, Kanagawa, Saitama and Chiba) have fallen to 3441 units in June, 2011. This is a steep fall of 32.9% from June of 2010.

This is being attributed to the March 11 Tohoku disaster which has led to consumers putting off purchases of large-ticket items and has caused developers to delay sales of new properties. Developers are anticipating a recovery from Fall, 2011, so the supply of apartments in the Tokyo area is expected to increase in a few months time.Read more

by Zoe Ward

Temporary upswing in real estate market in Sendai

The 2011 rosenka land valuations released by the National Tax Agency on July 1st showed a decline in land prices across Japan for the third continuous year. Concern is rising, however, over a large scale crash in prices in areas of Northern Japan that were affected by the Tsunami and Fukushima Daiichi Nuclear Power Plant where real estate transactions have almost ceased.

Sendai City, on the other hand, is experiencing a hike in emergency demand from displaced residents.Read more

by Zoe Ward

Harajuku Danchi Reconstruction Plans

Nippon Steel City Produce and Mitsui are redeveloping the Harajuku Danchi apartments alongside Gaien Nishidori in Shibuya-ku's Jingumae 3 Chome neighborhood.

The original 6 buildings were completed in 1957. The buildings were considered modern for their time and were a landmark for the area. Due to aging and deterioration, reconstruction plans were made and the apartments were vacated in 2010.Read more

by Zoe Ward

Tokyo's second-hand apartment prices down 4.2% from 1 year earlier

The Real Estate Information Network for East Japan (REINS) announced the results of their data collection on real estate movements for the Tokyo area for the month of June, 2011. The data is based on property listings registered on the REINS multiple listing database.

The total number of units listed for sale in the greater Tokyo area on the secondary market surpassed 40,000 units. The total of 40,016 units was an increase of 2.6% from May, and a very large increase of 31.3% compared with June, 2010. Tokyo had a total of 22,950 units, Saitama had 4004 units, Chiba had 3451 units and Kanagawa had 9611 units listed with the REINS database.Read more

by Zoe Ward

Miyashita-cho Apartment site redevelopment tenders open to public

miyashita-cho-apartment-site

Tokyo City announced plans to redevelop 3 sites with a total size of 2.6 hectares just minutes from Shibuya Station. The 3 city-owned blocks of land include the 0.5 hectare site of the former Miyashita-cho Apartment block (Shibuya 1-23), a former school hall site of 0.4 hectares next to Mitake Park (Shibuya 1-18) and the 1.7 hectare site of the former Aoyama Hospital behind the UN University Bldg (Jingumae 5-53). Tenders will be open to the public from Summer, 2011.Read more

by Zoe Ward

Property values rising in Tsunami affected areas

Real estate transaction prices on properties in North Japan's tsunami affected coastline have seen recent increases since the March 11 earthquake. The buyers include residents who have lost their homes as well as property developers anticipating future redevelopment.Read more

by Zoe Ward