Apartment construction boom around Nagoya Station area
The area around Nagoya Station has been seeing a surge in apartment construction from developers in recent years. The construction has been spurred by the the construction of the Chuo Shinkansen maglev line which will connect Shinagawa Station in Tokyo with Nagoya Station in Nagoya City in 2027. The high-speed rail will reduce the travel time between Tokyo and Nagoya from the current 94 minutes down to 40 minutes.
The station area, which has suffered from flood damage in the past, has not always been a desirable place to live, but the new construction is sparking a gentrification of the old neighbourhoods.Read more
Residential yields in Minato-ku - February 2016
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in Tokyo was 4.6% in February, showing no change from the previous month but down 0.6 points from last year. The average gross yield across Tokyo was 6.2%, showing no change from the previous month but down 0.6 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 906,757 Yen/sqm as of February 1, up 1.3% from the previous month and up 2.5% from last year. The average asking price for land was 1,385,454 Yen/sqm, up 2.0% from the previous month and up 10.5% from last year.Read more
Tokyo Apartment Sales in January 2016
The following is a selection of apartments that were sold in central Tokyo during the month of January 2016:Read more
Tokyo apartment asking prices increase for 18th consecutive month
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in December 2015 was 32,690,000 Yen, down 0.2% from the previous month but up 12.8% from the previous year. This ends a 15 month streak where prices were increasing on a month-by-month basis. The average building age was 22.1 years.
In the Tokyo metropolitan area, the average price was 46,230,000 Yen, up 1.6% from the previous month and up 17.1% from the previous year. This is the 18th consecutive month to record a month-on-month increase.
In Tokyo’s 23 wards, the average price was 51,430,000 Yen, up 1.6% from the previous month and up 17.4% from the previous year. This is also the 18th month in a row to see a month-on-month increase. The average building age was 21.6 years.Read more
Apartment prices along Tokyo’s Chiyoda Line
The following data from Tokyo Kantei shows the change in apartment prices along the Chiyoda Subway Line. The first half this subway line runs through several high-end residential neighbourhoods in central Tokyo, before making its way north and terminating at Kita-Ayase in Adachi Ward.
Also, the line feeds into other lines including the JR Joban Line and Odakyu Odawara Line, and is one of the most used subway lines in Tokyo. Ayase Station, for instance, is the second most used station on the Metro with an average of 437,000 daily passengers changing trains, while Yoyogi Uehara has 250,000 daily passengers.
Otemachi, Nijubashi-mae, Hibiya, Kasumigaseki, and Kokkaigijido-mae Stations have been left out of the data. These stations are in the political and corporate headquarter districts of Tokyo and have very few residential properties.
The average price across all stations on the Chiyoda Line was 891,000 Yen/sqm in 2015, up 32.1% from 2014. The average building age was 20.5 years, down from 21.7 years in 2014. The average apartment size was 59.88 sqm (644 sq.ft), down from 63.08 sqm in 2014.
Sports stadium and mall likely to replace old Tsukiji fish market
According to insiders at a major Japanese real estate company, a sports stadium and shopping mall are being considered as a replacement for the former Tsukiji fish market site in downtown Tokyo.
The famous 80-year old fish market is scheduled to move to its new location on Shin-Toyosu Island in Tokyo Bay in early November 2016, leaving a 23 hectare site prime for redevelopment. The outer market, which has retail and restaurants catering to the general public, will remain in its current location, while the wholesale market will move to a much larger site in Shin-Toyosu.Read more