Average apartment rent in March 2017
According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo in March was 2,681 Yen/sqm, up 0.6% from the previous month and up 3.6% from last year. The average apartment size was 60.35 sqm and the average building age was 20.0 years.
In the Tokyo metropolitan area, the average monthly rent was 3,180 Yen/sqm, up 0.4% from the previous month but down 1.1% from last year. The average apartment size was 58.16 sqm and the average building age was 18.3 years.
In Tokyo’s 23 wards, the average monthly rent was 3,342 Yen/sqm, up 0.4% from the previous month but down 0.4% from last year. The average apartment size was 57.72 sqm and the average building age was 17.6 years.
Tokyo's new apartment supply in March up 26.6%
According to the Real Estate Economic Institute, 3,408 new apartments were released for sale across greater Tokyo in March, up 47.5% from the previous month and up 26.6% from last year.
2,255 apartments were sold, resulting in a contract ratio of 66.2%, down 2.2 points from the previous month and down 1.4 points from last year. 187 apartments in high-rise buildings (over 20 stories) were released for sale, down 41.0% from last year. The contract ratio was 62.6%, down 1.8 points from last year.
Unsold inventory as at the end of March was 6,749 apartments, up 155 units from the previous month and up 710 units from March 2016.
The average price of a new apartment across greater Tokyo was 55,880,000 Yen, down 3.5% from the previous month and down 0.9% from last year. The average price per square meter was 790,000 Yen, down 7.3% from the previous month and down 1.5% from last year.
The average size of a new apartment sold during March was 70.75 sqm (761 sq ft).Read more
HULIC wins bid for hotel development on historic site in Nara
Japanese real estate company HULIC has been selected to develop a hotel on a historic site within Nara Park. Nara Prefecture received bids from four companies during the month-long public tender process held in January 2017.
The 1.3 hectare site was originally home to a sub temple, but sold off to private interests in the late 1800s. Since then it has had several owners, including poet Haruyasu Umeda, and banker Kenshiro Yamaguchi. After WWII, the Nara Family Court annex building was built on the land, although it has since been demolished. Remains of the traditional Japanese garden dating from the 1910s remain.Read more
80-yr old Osaka department store to be converted to luxury serviced apartments
The East Annex Building of the Takashimaya Department Store in Osaka’s Nipponbashi district may soon be refurbished and converted into high-end serviced apartments catering to foreign visitors.
Takashimaya is expected to enter into an agreement with major Singapore developer CapitaLand later this year.
The 7-story Renaissance-style building has a total floor area of 40,000 square meters (430,000 sq ft). It was was originally the Matsuzakaya Osaka Department Store and was built over two stages between 1934 and 1937. In 1966 it was sold to Takashimaya and has since been used as their office and archives.Read more
Roppongi land sells for 15 billion Yen (135 million USD)
A 2,200 sqm development site in Roppongi was sold by the local finance bureau at a public tender sale in February. The land sold to Mori Building for a reported 15.01 billion Yen (approx. 135.6 million USD). A total of 10 buyers submitted bids on the property.
This sale price works out to approximately 6,823,000 Yen/sqm, or 5,730 USD/sq ft. The potential price per buildable square meter is around 1,365,000 ~ 1,705,000 Yen/sqm, or approximately 1,145 ~ 1,430 USD/sq ft.Read more
Central Tokyo apartment transactions reach 9-year high in March
According to REINS, 3,719 second-hand apartments were sold across greater Tokyo in March, up 7.5% from the previous month and up 3.6% from last year. The average sale price was 31,450,000 Yen, down 0.2% from the previous month but up 2.9% from last year. The average price per square meter was 492,800 Yen, down 100 Yen from the previous month but up 3.2% from last year. This is the 54th month in a row to see a year-on-year increase. The average building age was 20.55 years.
In the Tokyo metropolitan area, 1,948 second-hand apartments were sold, up 9.2% from the previous month and up 7.9% from last year. This is the 12th month in a row to see a year-on-year increase in transactions. The average sale price was 38,560,000 Yen, down 0.3% from the previous month but up 2.3% from last year. The average price per square meter was 649,500 Yen, down 0.3% from the previous month but up 0.9% from last year.
In the first quarter of 2017, sales of apartments priced over 100 million Yen in the Tokyo metropolitan area were up 16.1% from the first quarter of 2016. Meanwhile, the number of new listings over 100 million Yen was down 3.7%. Transactions across all prices were up 7.6% from 2016.
Mitsubishi sells Yokohama Building for 76 billion Yen
On March 30, Mitsubishi Heavy Industries announced the sale of their Yokohama Building for 76.1 billion Yen (approx. 688 million USD) to HULIC and KRF.
The sale included the 33-story office building and the 20,000 sqm block of land. The adjoining house exhibition showground on the north-west side of the office tower was included as part of the sale. Mitsubishi will continue to occupy the building as the main tenant.Read more