Consumption Tax Increase: How will it affect buying apartments still under construction?

With the planned increase in consumption tax receiving approval by Parliament last Friday, buyers of as-yet uncompleted apartments may be hit with the higher tax.

According to the tax plan agreed to on August 10, the consumption tax will increase to 8% from April 1, 2014, and 10% from October 1, 2015.Read more

by Zoe Ward

Ark Hills Sengokuyama Mori Tower reaches completion

Construction of Ark Hills Sengokuyama Mori Tower, a combined residential and office tower in the Roppongi/Toranomon area, was completed on August 7.

The two hectare site has a 47-storey mixed residential and office tower, along with 8-storey low-rise apartments. The development took a total of 24 years, when including the long process of negotiating with local residents.

In the high-rise tower, offices are located on floors 25 to 47, while residences are on floors 3 to 24. Currently, 55% of the commercial tenants have been confirmed. They are predominantly foreign law offices and IT companies.Read more

by Zoe Ward

Foreign investors return to Japan's property market

Roppongi Arents. Purchased by Grosvenor from Japan Tobacco in October 2011.

According to the Mainichi Shimbun, Foreign investors and foreign capital investment corporations are showing enthusiasm for Japan's real estate market. European and American property and investment companies are continuing to purchase residential and commercial buildings, while a major US bank has set forth on establishing a REIT in Japan.

The background to this renewed vigor is the outflow of funds in Europe due to the European debt crisis, and a general feeling that the real estate market in Japan has bottomed out. Experts are anticipating that the long-stagnating real estate market is finally reaching a turning point.Read more

by Zoe Ward

Same day sell-out in Proud Funabashi

Sales of new apartments in Nomura Real Estate and Mitsubishi Corporation's "Proud Funabashi" condominium development in Funabashi City, Chiba, have been surprisingly strong with all of the units in the 2nd stage selling out on the same day.Read more

by Zoe Ward

June house and apartment data from AtHome

AtHome announced the latest price data on new and secondhand homes and apartments across greater Tokyo for the month of June 2012.

-- New houses --

In the greater Tokyo area (Tokyo 23-ku, West Tokyo, Kanagawa, Chiba, Saitama), the average listing price of a brand new house was 31,580,000 Yen, down 3% from June 2011. This is the 5th continuous month of decline, however listing prices were up 0.5% from May.Read more

by Zoe Ward

Real estate transaction volume reaches 4 year high

The volume of real estate transactions in Japan has started to pick up, showing signs of an economic recovery.

In the first half of 2012, transactions of office and residential buildings in major cities (Tokyo, Osaka, Nagoya etc), reached the highest level in four years.

The total volume of transactions by listed companies, including REITs, reached 1.1375 trillion Yen (14.5 billion USD). This is 10% higher than the first half of 2011, and is the highest level since the second half of 2008 which was the time of the Lehman Shock.Read more

by Zoe Ward

Foreclosed Aomori shrine for just 1 million Yen

The Hirosaki Toshogu Shinto Shrine in Hirosaki City, Aomori, is being put up sale as the shrine owners undergo bankruptcy proceedings.

The administrators announced that they are in negotiations with a Tokyo-based real estate company to sell the main shrine for just 1 million Yen (12,700 USD).Read more

by Zoe Ward