Freehold vs. Leasehold: The different types of land ownership in Japan
There are two main types of land rights in Japan - freehold and leasehold. Leasehold is broken into two types - surface rights and right to lease.
- Freehold (Shoyuken): The absolute ownership of land and building.
- Surface Rights (Chijoken): The land is leased, while owners of the building and units have the right to buy/sell as they please. This form is most commonly found on land used for apartment buildings.
- Right to Lease (Chinshakuken): The land is leased, while owners of the building and units must attain the landowner's approval before they can transfer or sublease. Also, before rebuilding the structure on the land, the landowner's permission must be obtained. This form of leasehold is mainly used for land designed for individual houses, but not often for apartment buildings.
Average House Listing Prices for May 12, 2010
According to real estate listing site Home's, the average price for a100sqm house in Minato-ku is approximately 101 million Yen, and in Shibuya-ku is approximately 75 million Yen as of May 12, 2010.
Continue reading for details on the average prices for each area in central Tokyo.
Average Apartment Listing Prices for May 12, 2010
According to real estate listing site Home's, the average price for a 70sqm apartment less than 10 years old in Minato-ku and Shibuya-ku is approximately 65~66 million Yen.
Continue reading for details on the average prices for each area in central Tokyo.
Second-hand apartment prices up 9% from June, 2009
Second-hand apartment prices are slowly recovering. As they are comparatively cheaper than brand new apartments, demand is returning and the viewpoint that this is no longer the bottom of the market is emerging.
Nagoya's 7 cities see the highest increase of 2.7%
Real estate information provider, Tokyo Kantei, reported that the average price of a 70sqm apartment in Tokyo's 23 Wards reached 42.97 million Yen in March, 2010. This is 9% higher than the bottom average price that was recorded in June, 2009.
From Autumn of 2009, Tokyo, Yokohama and Saitama have been showing signs of transitioning into a bullish market. Nagoya's 7 cities had the largest rate of growth of 2.7% compared to the previous month, with Osaka and Kobe seeing almost no change.
New apartment prices in 2009 are 6 times the yearly personal income
In Japan, the nationwide average ratio of new apartment prices to yearly income is 6.00 times - a slight decrease from the same month of the previous year. While average incomes have been levelling out, apartment prices have fallen slightly. However, the high level is expected to continue.Read more
New house prices rise for the first time in 3 months
Real estate information service provider, AtHome, announced that the average sale prices on new homes in Tokyo for the month of March had decreased by 8% compared to March of 2009. The average sale price was 31.32 million Yen for March, 2010. However, prices are up by 2.6% compared to the previous month.Read more
Shibuya-ku: Average Apartment Prices by Station
Shibuya-ku apartment price rankings as provided by www.mansion-data.jp. The latest information was provided in October, 2009.