Average apartment management fees increased by 3.3%

According to the most recent survey by the Real Estate Economic Institute, the average monthly management fee for an apartment in greater Tokyo was 223.72 Yen/sqm in 2010, an increase of 3.3% from 2009.Read more

by Zoe Ward

95% of apartments in Waterras Tower Sold Out

Sales of apartments in the still under-construction Waterras Tower Residence in Chiyoda-ku have been very strong with offers made on 95% of the 182 apartments offered for sale during the first sales period in August, 2011.

Approximately 30% of the sold apartments were priced over 100 million Yen (1.3 million USD) with the most expensive apartment priced at 300 million Yen (3.9 million USD). The average apartment price is 1,225,000 Yen/sqm (1478 USD/sqft). Over 1200 people visited the model room on August 22nd and there were over 6000 requests for property sales material.Read more

by Zoe Ward

Kawasaki apartment block to be rebuilt after construction defects discovered

A 7-storey apartment building in Kawasaki City is due to be demolished and rebuilt after construction flaws were recently discovered that compromize the integrity of the structure.

A routine building inspection in 2009 uncovered gaps inside the beams and pillars of the building, as well as styrofoam and wood mixed in with the concrete pillars and walls. There were also fewer reinforced bars in the concrete than the construction blueprints indicated.Read more

by Zoe Ward

Land price movements for Japan for 2nd QTR announced

The Ministry of Land, Infrastructure, Transport and Tourism (MLIT) announced the land price movements for Japan on July 1st, 2011.

Of the 146 surveyed sites across Japan, land values for 7 sites increased, 53 sites saw no change and 86 sites saw a decline in values.

Compared to the previous report issued on April 1st, 2011, just following the Tohoku Disaster, it appears that land values are starting to stabilize.Read more

by Zoe Ward

Prices of apartments on secondary market continue to fall

According to real estate information and consulting agency, Tokyo Kantei, the average price for an apartment on the secondary market in the greater Tokyo area (Tokyo, Kanagawa, Chiba and Saitama) in June, 2011, was 29.75 million Yen (386,000 USD). This is a fall of 3.5% from a year earlier and a fall of 0.7% from the previous month.Read more

by Zoe Ward

Tokyo Stock Exchange negotiates lower rent on headquarters

Heiwa Real Estate Co. announced on August 24th that their major tenant, the Tokyo Stock Exchange (TSE), had negotiated for a lower rent of 4.412 billion Yen (57.3 million USD) per year for the TSE headquarters in Tokyo's Nihonbashi area. This is a discount of 8.3% on the previous rent. The current contract is for two years, after which time the rent will be adjusted according to economic conditions.Read more

by Zoe Ward

Bank of China to offer home loans to Chinese residents in Japan

Mitsui Real Estate Sales announced on August 24th that they have tied up with the Bank of China (BOC) to provide mortgages for Japanese properties to Chinese residents in Japan.

The new loan product was introduced by the BOC in June, 2011, and is aimed at Chinese who currently reside in Japan but do not have Japanese citizenship. Domestic Japanese banks can also provide financing but they have much stricter terms and conditions. The BOC aims to lower the hurdles to borrowing.Read more

by Zoe Ward