Nakagin Capsule Tower to undergo earthquake-resistant inspection
The results of an earthquake-resistant inspection could soon determine the fate of Ginza’s Nakagin Capsule Tower.
At an owner’s association meeting in early December 2015, the majority voted in favour of carrying out an earthquake-resistance inspection to determine the structural integrity of the building. If the building does not meet earthquake codes, the owners will consider demolishing the 44-year old metabolist landmark.Read more
Transactions of secondhand apartments in central Tokyo surge in January
According to REINS, 2,655 second-hand apartments were sold across greater Tokyo in January, up 4.4% from the previous month and up 8.8% from last year. The average sale price was 29,870,000 Yen, up 4.3% from the previous month and up 6.7% from last year. The average price per square meter was 468,400 Yen, up 3.1% from the previous month and up 7.1% from last year. This is the 37th month in a row to see a year-on-year increase in reported sale prices. The average building age was 20.26 years.
In the Tokyo metropolitan area, 1,292 second-hand apartments were sold, up 0.4% from the previous month and up 8.3% from last year. The average sale price was 37,120,000 Yen, up 3.8% from the previous month and up 11.7% from last year. The average price per square meter was 633,300 Yen, up 3.8% from the previous month and up 11.6% from last year. This is the 40th month in a row to see a year-on-year increase in sale prices. The average building age was 19.08 years.
Central Tokyo’s 3 wards
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 170 second-hand apartments were sold, up 7.6% from the previous month and up 37.1% from last year. This is the highest number of transactions for the month of January since record-keeping began in 2008.Read more
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
High-rise planned for Omotesando former public housing site
The Aoyama Kitamachi Apaato, a city-operated public housing complex located on a prime 40,000 sqm site in the centre of Omotesando, is going to be replaced with a 20-storey high-rise apartment building.
The current site includes 25 public housing blocks containing a total of 586 apartments. They were built between 1957 and 1968 and are now in various stages of ageing and deterioration. The 4 and 5 storey buildings do not have elevators, and some of the earlier buildings did not have bathrooms (in those days the residents would have gone to local bathhouses).
Since 2006, Tokyo City has been slowly vacating the tenants in preparation of redevelopment. Almost half of the apartments are vacant, while remaining residents gradually move out.
Demolition is scheduled to start in 2017, and completion is expected in time for the 2020 Summer Olympics.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