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

Land and apartment prices continue to fall [Nomura]

Nomura Real Estate Urban Net published the results of their survey on residential land and apartment price movements on October 1, 2011. According to the data, bearish patterns continue for residential land prices in greater Tokyo (Tokyo, Kanagawa, Saitama and Chiba).

Between July and September, residential land prices fell 1% in greater Tokyo. Of the surveyed areas, 5.7% had an increase in land prices, 64.3% had no change and 30% had a fall in prices. Meanwhile, land prices in Tokyo's 23 wards saw no change over the past 12 months while Saitama and Chiba Prefectures both saw a decline of 1.9%. Read more

by Zoe Ward

Steps towards reducing discrimination against foreign tenants

Many foreigners may have experienced some kind of discrimination when trying to rent an apartment in Japan. Landlords not only discriminate against foreign residents, but also the elderly, disabled and even families with small children.

Hyogo Prefecture, has introduced a new relief system for rental housing that targets the elderly and foreigners who are frequently turned down by landlords when trying to rent an apartment.Read more

by Zoe Ward

Kobe Bay Sheraton Hotel Sold

The Kobe Bay Sheraton Hotel and Towers on Rokko Island will be sold to a hotel and ryokan (Japanese-style hotel) operator called Hotel New Awaji. The hotel name will not be changed and will continue to operate as normal.

The Bay Sheraton was opened in June, 1992. Up until 2005 it was owned by a subsidiary of JTB Corporation, however the long-lasting effects of the 1995 Hanshin earthquake and economic recession made the hotel unprofitable and it was sold to the American investment company, Lone Star Group. It is currently being operated by a subsidiary of Lone Star. Hotel New Awaji will also purchase the subsidiary and will continue to operate the hotel without any disruptions.Read more

by Zoe Ward