New apartment developments around Tokyo Sky Tree

The area surrounding the new Tokyo Sky Tree in Sumida-ku is seeing more and more new condominiums hit the market. Developers are promoting properties that are within walking distance to, or have views of the new tower.

In July, Sumitomo Corporation began selling apartments in "City House Narihirabashi Station Court" which is just a 4 minute walk to Sky Tree. The price of a 2-bedroom apartment in this building is around 40 million Yen (512,000 USD) which is comparatively higher than surrounding buildings. Although only a portion of the 35 apartments have views of the Sky Tree, most of the apartments offered for sale in the initial sales period have been sold.  Sumitomo's PR department said that the new retail development around the base of the Sky Tree will add to the convenience of the neighborhood, as will gradual improvements to the surrounding streets. Buyers are anticipating that the neighborhood's image will improve over time.Read more

by Zoe Ward

70 - 80 percent drop in rosenka land values in Tohoku

In order to account for changes in land values due to the March 11 Tohoku disaster, Japan's National Tax Agency (NTA) announced adjustment ratios, or scaling factors, for the 2011 rosenka (prices of land fronting major roads). Along with the 1995 Hanshin Earthquake, this is only the second time in history that adjustment ratios have been introduced.Read more

by Zoe Ward

Tokyo apartment rent falls to lowest level in 4 years

According to Tokyo Kantei, the average rent for an apartment in greater Tokyo for the month of September fell 0.1% to 2578 Yen per square meter. In Tokyo's 23 wards, the average rent remained unchanged at 3,038 Yen/sqm, but is down 3.1% from September, 2010, and is currently at the lowest level seen in over 4 years. The average rent fell 0.2% in Kanagawa, 0.8% in Chiba and 2.6% in Saitama with Saitama City recording a fall of 4.2% from the month before. The aging apartment buildings in the City's Chuo and Urawa wards contributed to the decline.Read more

by Zoe Ward

Apartment prices in Tokyo down 10% in September

According to the latest data from the Real Estate Information Network for East Japan (REINS), the number of purchase contracts on houses and apartments sold on the secondary market in greater Tokyo in September fell over 3% from the previous year. The average selling price for both apartments and houses in greater Tokyo still remain lower than in 2010.Read more

by Zoe Ward

Home-builder to test new homes for radiation

Suzuki Kensetsu, a home-builder in Betsukai Village, Hokkaido announced that from October they will be testing all of their newly constructed homes for possible radiation contamination prior to delivering them to new owners.Read more

by Zoe Ward

What is the current market value of an apartment in Tokyo?

Real estate research and marketing company, Attractors Lab, have collected data from apartment sales in greater Tokyo and have made this data available for free through their new site called Sumai Surfing (www.sumai-surfin.com). Through the website, users can view the average apartment selling price when brand new and the current market price. Registered users are also able to view past sales history. Using the collected data, the current market value for almost any apartment can be estimated.Read more

by Zoe Ward

Apartment in Osaka to be tsunami evacuation point

An apartment building currently being constructed in Osaka's Yadogawa-ku has been designated as an evacuation site in the event of a tsunami.  This is the first new building in Japan to be designated prior to the beginning of apartment sales.

"Mikuni no Kawabe no Mori River Garden" is located alongside the Kanzakigawa River. The 15 story building with 197 apartments will be completed in January, 2013. The common hallways from the 3rd floor (7 meters high) and above can accommodate approximately 1000 evacuees in an emergency.Read more

by Zoe Ward