Apartment discounts - what can you reasonably expect?

One of the most important aspects when buying an apartment in Japan is negotiating on the price. Am I getting the property at the right price? What is a reasonable discount to ask for? Do Japanese even negotiate on prices? These are all questions that may cross the minds of foreign buyers.

This is also an important point to consider when it comes time to selling your property. While you may have negotiated down the price when you purchased your home, you should also assume that you may have to accept a discount if you decide to sell your property in the future.Read more

by Zoe Ward

Tokyo Office Vacancy Rates for August

Ark Hills Sengokuyama Mori Tower

According to Miki Shoji, the commercial vacancy rates in Tokyo's central 5 wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) in August dropped 0.13 points from the previous month to 9.17%. The vacancy rate on brand new buildings dropped 3.48 points to 30.16%.

In Shinjuku-ku, the vacancy rate dropped 1.05 points to 10.85%, as large foreign financial corporations began to consolidate their various offices into one space. In Minato-ku, the rate increased by 0.48% to 10.10%. This was partly due to the completion of Ark Hills Sengokuyama Mori Tower. The 47 storey tower has a total floorspace of 43,423 tsubo (143,296 sqm).Read more

by Zoe Ward

Govt urges landowners in Fukushima evacuation zone not to sell

The government is requesting that residents from the evacuation zones near the Fukushima Daiichi Nuclear Power Plant refrain from any real estate transactions within the area until evacuation orders are lifted.

The warning is to avoid any potential trouble arising after Tepco pays compensation to landowners and to ensure a smooth reorganization of the zones. The Yomiuri Shimbun gave a slightly different, and perhaps more honest reason for the request, which is to avoid the land being acquired by various yakuza organizations who, seeing an opportunity, may make it more difficult and more expensive for the government and Tepco to negotiate the storage of contaminated waste on such land. This is not an unfounded fear, as local real estate agents have reported receiving inquiries with very similar intentions.Read more

by Zoe Ward

Apartment rents reach 7 year low in Tokyo

The average apartment rent across Japan's major cities has fallen even further. In July, the average rent for a condominium in Tokyo's 23-ku fell below 3,000 Yen/sqm a month for the first time in over seven years. The rent in rental-only buildings has also fallen.

According to Tokyo Kantei, the average rent for a condominium apartment in July was 2,995 Yen/sqm a month, down 1.8% from July 2011.Read more

by Zoe Ward

Thai property developer buys Hokkaido ski resort

Thai property developer Property Perfect has invested 770 million baht (approximately 1.9 billion Yen, or 24 million USD) in the takeover of the relatively unknown Kiroro Ski Resort, 43km west of Sapporo, from Mitsui Real Estate.Read more

by Zoe Ward

Historic Shimoda Ice Factory to be demolished

The Nanzu Ice Factory in Shimoda City is scheduled to be torn down this month due to deterioration and concerns over its earthquake-resistance.Read more

by Zoe Ward

Secondhand apartment prices continue to fall in July

According to Tokyo Kantei, the average secondhand apartment price (based on a 70sqm apartment) in greater Tokyo in July fell 0.7% from the previous month to 28,250,000 Yen.

With the exception of Saitama City which saw prices rise 0.5% from the previous month to 21,180,000 Yen, all other areas in greater Tokyo saw a further decline in prices, with the rate of decline worsening. In Chiba City, the average price fell 1.8% from the previous month to 17,170,000 Yen. This is 6.3% lower than July of 2011.Read more

by Zoe Ward