Kyoto introduces new regulation for owners looking to demolish traditional machiya
Kyoto City officials have voted in favor of a rule that will require owners of Kyoto’s traditional machiya townhouses to provide advance notice to the city prior to demolition. However, options to help reduce the burden of maintaining a historic home remain extremely limited. Without the support and participation from the local community this new rule may have only a minor effect.Read more
Imperial Hotel up for potential redevelopment?
A nearby acquisition by Mitsui Fudosan has some industry experts suggesting that the 1100-room Imperial Hotel near Hibiya Park in downtown Tokyo may be slated for future redevelopment.
The hotel includes the main building that was built in 1970 along with a 31-storey office/hotel building at the rear that was completed in 1983. By the time of the 2020 Summer Olympics, the main building will be 50 years old. With a booming tourism industry, many of Japan’s top hoteliers are expanding, refurbishing or redeveloping their older hotels.Read more
Tokyo apartment sales in January 2018
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of January 2018:Read more
Omotesando's Seihou Building to be redeveloped
A 51-year old retail and public housing building alongside Aoyama Dori Avenue in Omotesando will soon be rebuilt. The 10-storey Seihou Building was built in 1967 and has a total floor area of 6,075 sqm (65,000 sq ft). It is jointly owned by a subsidiary of Mizuho Bank and the Urban Renaissance Agency.
The new building will have a total floor area or 16,000 sqm (172,000 sq ft), more than 2.5 times the size of the older building.Read more
Apartment prices along Tokyo’s Ginza Line in 2017
According to Tokyo Kantei, the average asking price of a second-hand apartment along the Ginza subway line in 2017 was 1,047,000 Yen/sqm, down 0.8% from the previous year. The average building age was 22.4 years and the average apartment size was 56.19 sqm (605 sq.ft).
Ginza in top spot
The most expensive station was Ginza with an average asking price of 1,646,000 Yen/sqm, an increase of 17.2% from 2016. The average building age was just 5.8 years which can be attributed to the high average price, while the average apartment size was 44.9 sqm (483 sq.ft).Read more
Apartment asking prices in Tokyo in December 2017
According to Tokyo Kantei the average asking price of a 70 sqm (753 sq ft) apartment across greater Tokyo was 36,150,000 Yen in December 2017, down 0.2% from the previous month but up 1.3% from 2016. The average building age was 23.1 years.
In Tokyo’s 23 wards the average asking price was 53,400,000 Yen, up 0.2% from the previous month and up 0.2% from 2016. The average building age was 22.7 years.Read more