Bank offers 40-year home loans to counteract rising house prices
Keiyo Bank, headquartered in Chiba City, is rolling out a home loan product with a maximum repayment term of up to 40 years. Up until now, the maximum loan term was 35 years. Although a longer loan term results in higher interest paid in total, the monthly repayments will be slightly less, lowering the bar for younger home buyers to qualify.
Mitsubishi to redevelop two 60s-era office buildings
Mitsubishi Jisho will be redeveloping two old office buildings in Yurakucho, Tokyo, in order to meet growing tenant needs and to work towards a decarbonized society.
How age affects house prices
One of the factors that affect the pricing of a home or apartment in Japan (and other countries) is the age of a building, with newer construction typically priced at a premium. This is because older homes and apartments can become out-of-date and lack the modern amenities, interior finishes and latest trends found in newer construction. All other things being equal, an old and tattered apartment from the 1960s with no elevator, insulation, and low ceilings is not going to sell for as much as a brand-new one built to the latest specs. Changes to earthquake-resistant construction methods over the decades make the price divide even more apparent in Japan.
Overseas buyers seeking hot spring ryokans
Offshore buyers are on the hunt for hot spring resorts and traditional ryokans in Shizuoka’s Izu Peninsula, according to a recent article in Diamond Online. The article quotes an onsen and hotel broker that received over 200 inquiries in May alone from buyers looking to acquire accommodation facilities across the country, with 70% of those looking for luxury hot spring ryokans around Izu, Hakone, and Mt. Fuji.
Daikanyama retail sold for 4.2 billion Yen
Tokyu REIT has sold the trust beneficiary rights to the Daikanyama Forum retail complex in Shibuya for 4.25 billion Yen (approx. US$39 million). Information on the buyer has not been disclosed, but it is a domestic corporation.
Tokyo Apartment Sales in July 2021
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of July 2021:
Average discount on an apartment sold in 2020
According to Tokyo Kantei, the average percentage discount between the list price and sale price of a second-hand apartment across greater Tokyo reached a 10-year low in the second half of 2020. In other words, discounts are shrinking.