Central Tokyo secondhand apartment prices up 15.2% from last year

According to REINS, the number of second-hand apartment sales in greater Tokyo for the month of June 2013 increased by 17.9% from last year to 3,149 apartments. This is the 10th month in a row where sales have exceeded those of the same month one year prior.

The average sale price was 25,740,000 Yen (257,000 USD), up 6.9% from last year and up 0.1% from last month. The average sale price per square meter was 399,700 Yen/sqm, up 5.9% from June 2012 but down 0.4% from last month. The average apartment age was 19.12 years.

In central Tokyo's 3 wards (Chiyoda, Chuo and Minato), the average sale price of 45,500,000 Yen (454,000 USD) was 15.2% higher than last year and 3.6% higher than last month. The average price per square meter was 798,300 Yen, up 9.4% from last year and up 1.7% from last month.Read more

by Zoe Ward

Residential yields and vacancy rates in Minato-ku – July 2013

According to listing site Homes, the average yield on an apartment in Minato-ku in July 2013 was 6.0%, down 1.22 points from last month. The average yield across Tokyo was 8.0%, down 0.3 points from last month. The vacancy rate was 9.9% in Minato-ku and 11.0% across Tokyo.Read more

by Zoe Ward

Tokyo may sell air rights above expressways

In order to speed up the redevelopment of ageing buildings which may be at risk of causing damage in a major earthquake, the air rights above highways may be sold to be used on neighboring sites.

The Minister of Land, Infrastructure and Transportation, Akihiro Ota, has expressed his desire to see this enacted as soon as possible.Read more

by Zoe Ward

MLIT White Paper on home ownership

On July 2, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released their 2012 White Paper. The theme of the report explored the living situations and demographics of Japan's younger generation.

Home Ownership

Home ownership rates in Japan shrunk between 1983 and 1998, but began to pick up in 2008. The average rate across all age groups is around 60%.Read more

by Zoe Ward

Last chance to save the Jonas Residence

Demolition of the historic Jonas Residence has been pushed back to October as the current owner is prepared to sell the house and land for 360 million Yen (approximately 3.6 million USD) if a buyer can be found.

Developer Anabuki Kosan purchased the waterfront property earlier this year and plan to tear it down and replace it with a 10-storey apartment building.Read more

by Zoe Ward

Home loan rates to rise again in July

Four major Japanese banks (Bank of Tokyo-Mitsubishi UFJ, Mizuho, Sumitomo Mitsui and Resona) have announced that they will be increasing their prime interest rates on their 10-year fixed rate home loans this month.

Mizuho are increasing their rates by 0.05 points to 1.65%, while the other three banks are increasing their rates by 0.1 points to 1.70%.Read more

by Zoe Ward

Rosenka land values down 1.8% nationwide

The National Tax Agency announced the 2013 Rosenka land valuations on July 1. Although the average land value nationwide fell for the 5th year in a row, the rate of decline is slowing. Rosenka land values were down 1.8% across Japan in 2013, after falling 2.8% in 2012 and 3.1% in 2011.

In Tokyo, the rosenka land value dropped by 0.3%, compared to a 1.2% decline in 2012.Read more

by Zoe Ward