Land and apartment prices continue to fall [Nomura]

Nomura Real Estate Urban Net published the results of their survey on residential land and apartment price movements on October 1, 2011. According to the data, bearish patterns continue for residential land prices in greater Tokyo (Tokyo, Kanagawa, Saitama and Chiba).

Between July and September, residential land prices fell 1% in greater Tokyo. Of the surveyed areas, 5.7% had an increase in land prices, 64.3% had no change and 30% had a fall in prices. Meanwhile, land prices in Tokyo's 23 wards saw no change over the past 12 months while Saitama and Chiba Prefectures both saw a decline of 1.9%. Read more

by Zoe Ward

Housing starts in Tohoku up 18.5% and 59.3% in Fukushima

According to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), the new housing starts for the 6 prefectures in Tohoku had increased by 18.5% to 4523 units in August, compared to the same month in 2010. This is the second continuous month of increases.Read more

by Zoe Ward

And the most desirable area in Tokyo is…

In 3rd spot: Ebisu, Shibuya-ku.

Major 7 announced the results of their latest survey of the most desirable neighborhoods in Tokyo and the Kansai area. The data is collected by Mitsubishi Estate, Daikyo and 5 other major condominium developers. In Tokyo, Kichijoji was in top spot for the fourth consecutive year. Ashiya was number one in Kansai for the seventh consecutive year.Read more

by Zoe Ward

No one wants to live near the Hamaoka Nuclear Power Plant

The coastal city of Omaezaki in Shizuoka Prefecture suffered a big fall in land prices and is seeing vacancy rates soar as property transactions and prices plummet.

The tsunami in northern Japan and the Fukushima nuclear disaster have had a big effect on this coastal town which is also home to the controversial Hamaoka Nuclear Power Plant. Vacancy rates are climbing and property transactions are down.Read more

by Zoe Ward

Prices of large apartments in Tokyo fall in second half of 2011

The Japan Real Estate Institute (JREI) published their "Residential Market Index" report on price movements for apartments in Tokyo's 23 wards for the first half of 2011.Read more

by Zoe Ward

Land prices across Japan continue to fall after the Tohoku disaster

On September 20, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) published the results of the nationwide land price survey (chika-chosa) as of July 1, 2011. Overall, land values fell by 3.4% from the year before with residential land falling by 3.2% and commercial land values falling by 4.0% over the same period. In 2010, residential land values fell by 3.4% and commercial land fell by 4.6% so the rate of decline has lessened slightly.Read more

by Zoe Ward

The demise of security deposits and key money

Good news for tenants and bad news for landlords in Japan: A change in the traditional transaction customs in the residential and commercial rental market in Japan is underway which is putting more power on the tenants' side.

The various fees usually paid by a tenant such as security deposits (shikikin) and key money (reikin) are decreasing.  Japan's declining birth rates, decreasing population, oversupply of housing and the growing awareness of consumer rights have put an end to the era where landlords once held all of the power.Read more

by Zoe Ward