Tokyo Apartment Sales in June 2015

Tokyo apartment sales june

The following is a selection of apartments that were sold in central Tokyo during the month of June 2015:Read more

by Zoe Ward

Rosenka land values up in urban areas, but down nationwide

According to the National Tax Agency, rosenka land values across Japan in 2015 fell for the 7th year in a row, although the decline appears to be bottoming out. This year nationwide land values dropped by 0.4%, which is an improvement from 2014 which saw values drop by 0.7%. In Tokyo, rosenka values increased by 2.1%, after seeing a 1.8% rise in 2014. In Osaka, values increased by 0.5%.

A rapid increase in foreign tourists and a boost in investment in central Tokyo from foreign funds has helped to pull up property values and retail rents.

Midosuji Boulevard in front of Osaka’s Hankyu Department Store saw rosenka land values rise by 10.1% from last year to 8,320,000 Yen/sqm, while Meieki Dori Avenue in front of Nagoya Station saw values increase by 11.5% to 7,360,000 Yen/sqm.Read more

by Zoe Ward

Chiyoda ofice building converted to serviced apartments and office suites

Hive Tokyo 1

NTT Urban Development have converted a 22-year old office building in Chiyoda-ku into a mixed-use serviced apartment, share office and serviced office space.

‘Hive Tokyo’ (formerly Pacific Square Kudan Minami) is targeted towards both Japanese and foreign clients. The 10-storey building is located across the street from the Yasukuni Shrine and a 6 minute walk from Ichigaya Station. The building is scheduled to open in August 2015.Read more

by Zoe Ward

Banks to increase home loan rates this month

Several of Japan’s mega-banks plan to increase home loan interest rates this month. The Bank of Tokyo-Mitsubishi UFJ will increase the prime interest rate on their 10-year fixed-rate home loan by 0.10 points to 1.35% for loans approved in July, while Mizuho plan to increase their rate by 0.05 points to 1.30%. Sumitomo Mitsui Trust Bank also plan to increase their prime rate by 0.05 points to 0.95%.

This is the second month to see an increase in interest rates The three banks have no plans to change their variable rates.

Sources:
The Nikkei Shimbun, June 26, 2015.
Jiji Press, June 26, 2015.

by Zoe Ward

PanaHome unveils 6-storey house

Panahome 2

PanaHome have opened three 6-storey model homes in Tokyo and Yokohama. These are said to be the tallest model homes to be built in Japan.

The display homes are part of their Vieuno PRO series that includes both residential homes with retail and office space. A change to the inheritance tax laws in January 1, 2015, has caused wealthy landowners in Tokyo to seek ways to reduce their future inheritance tax burden. A residence with a portion that is leased out may be eligible for additional inheritance tax deductions.

The Vieno PRO homes allow for floors with high ceilings (up to 3.15m on the 1st floor), which can appeal to retail tenants, such as convenience stores. The homes can be built up to 7-storeys tall.Read more

by Zoe Ward

College to buy Daikanyama land for 7 billion Yen

The Tokyo Metropolitan Government and Meguro Ward are moving ahead with plans to sell a vacant 8,000 sqm site in Daikanyama to the Tokyo College of Music. The sale price has been estimated at approximately 7.77 billion Yen (63 million USD), or around 970,000 Yen/sqm.Read more

by Zoe Ward

Nagoya says arrivederci to Italian Village

Nagoya Italian Village 2

On June 2, the Nagoya Port Authority announced plans to remove the last remaining structures from the former Italian Village. Demolition is expected to cost 330 million.

The Italian Village shopping mall opened in Nagoya’s port side area in 2005, the same year that Turin was announced as one of Nagoya’s sister cities. The 31,000 sqm site included a reproduction of a Venice canal complete with authentic gondolas imported from Italy, a replica of the San Marco Square, a replica of the Statue of David, and a replica of the Bocca della Verita. Many of the 80 specialty stores featured Italian goods and groceries.

The mall was developed under a private finance initiative between the Nagoya Port Authority and Cest la vie Holdings Corporation. In its first year of operations, it had over 4.2 million visitors. By 2008, this number had halved and the operators filed for bankruptcy.Read more

by Zoe Ward