Sales start in 50-storey high-rise in Osaka
Off-the-plan sales in the 50-storey Branz Tower Umeda North condominium began over the weekend, with the most expensive unit in the building - a 145 square meter three-bedroom penthouse - priced at 270 million Yen (approx. 2.37 million USD). A total of 218 apartments were offered for sale in the first round, representing a third of the total units in the building. Sale prices ranged from 36 to 270 million Yen and sizes ranged from 42 ~ 145 sqm (452 ~ 1,560 sq ft).
The 653-unit building is due for completion in November 2019 with apartments delivered to buyers from February 2020 onwards.
How long does it take to for an apartment to sell in central Tokyo?
We find many clients miss out on some great purchases because they assume they will have plenty of time before a property sells. One of the biggest mistakes you can make when trying to enter a major market like Tokyo is to think that you are the only buyer out there. In reality, there are a lot of buyers circling the market, especially in central Tokyo. The vast majority are domestic buyers who know the market and are able to pounce quickly.
Nationwide rosenka land values increase for 2nd year in a row
In 2017, Japan’s rosenka land values increased for the second year in a row with an average growth of 0.4% nationwide. In 2016, rosenka land values increased by 0.2%, ending an 8 year decline.
In Tokyo’s Ginza district, an uptick in retail demand due to record-high foreign tourist numbers has helped to push land values to a historical high, exceeding those seen during Japan’s bubble economy. The land value alongside Ginza Chuo Dori in Ginza 5 Chome (in front of the Kyukyodo Building) reached 40,320,000 Yen per square meter (approximately 33,100 USD/sq ft) this year, up 26% from 2016 and exceeding the previous record of 36,500,000 Yen last seen in 1992. This particular location has been the most expensive land in Japan for the past 32 years.Read more
School to be converted into apartment building
Real estate company Misawa Homes has acquired a 36-year old former technical school building in Tokyo’s Chiyoda ward, and will convert the existing building into rental apartments.
This will be the company’s second ‘refining’ project to be done in conjunction with Shigeru Aoki Architect & Associates. The architectural firm has worked on several building refurbishment projects across Japan.Read more
Tokyo apartment asking prices in May 2017
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment across greater Tokyo was 35,720,000 Yen in May, up 0.3% from the previous month and up 3.5% from last year. The average building age was 22.8 years.
In the Tokyo metropolitan area, the average asking price was 48,220,000 Yen, down 0.4% from the previous month but up 1.2% from last year. The average building age was 22.3 years.
In Tokyo’s 23 wards, the average asking price was 53,170,000 Yen, down 0.1% from the previous month but up 0.9% from last year. The average building age was 22.2 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya) the average asking price was 73,360,000 Yen, up 0.5% from the previous month and up 2.7% from last year. Thea average building age was 20.0 years.
Average apartment rent in May 2017
According to Tokyo Kantei, the average monthly rent of a condominium-type apartment across greater Tokyo in May 2017 was 2,633 Yen/sqm, down 0.8% from the previous month and down 1.1% from last year. The average apartment size was 59.94 sqm and the average building age was 20.2 years.
In the Tokyo metropolitan area, the average monthly rent was 3,140 Yen/sqm, down 0.6% from the previous month and down 0.8% from last year. The average apartment size was 57.28 sqm and the average building age was 18.3 years.
In Tokyo’s 23 wards, the average monthly rent was 3,299 Yen/sqm, down 0.7% from the previous month but up 0.2% from last year. The average apartment size was 56.73 sqm and the average building age was 17.6 years.