On Sale this Saturday: The Roppongi Tokyo Club Residence

The Roppongi Tokyo Club Residence will accept purchase applications from this Saturday, July 17th, 2010.  This is the first stage of sales, and all 92 units to be put on the market on the 17th are expected to be sold out by the end of the day.

The 92 units on sale Saturday are priced between 61,200,000 ~ 480,000,000 Yen and between 47 ~ 177 sqm.Read more

by Zoe Ward

June apartment sales contracts return to high level

According to the Real Estate Economic Institute, the sales contract rate for apartments in Tokyo reached 83.9% in June, 2010 (an increase of 13.7 points from June, 2009). The last time we saw high levels was in August of 2005, when the contract rate was 89.1%.

This year has seen a clear improvement in contract rates, with January ~ June seeing favorable rates over the 70% threshold. The Real Estate Economic Institute believes this trend will continue.

The supply of apartments put up for sale increased by 66.6% compared to the previous year, with the average price being 46.94 million Yen (an increase of 3.3%).

Source: The Asahi Shimbun, July 15, 2010

by Zoe Ward

Glanz Ober Nanpeidai

glanz-ober-nanpeidai-ext

Price range (when new): 174,000,000 ~ 662,000,000 Yen
Size range: 115 ~ 219.8 sqm
Current market price: 1,700,000 Yen/sqm*

Glanz Ober Nanpeidai is a modern and luxurious low-rise apartment complex only minutes from Shibuya and Daikanyama shopping areas. The building includes concierge service and valet parking. Currently 3 units are listed for sale from 198~300,000,000 JPY.

*Update: By late 2013, the average advertised price in this building was 1,370,000 Yen/sqm.Read more

by Zoe Ward

Freehold vs. Leasehold: The different types of land ownership in Japan

There are two main types of land rights in Japan - freehold and leasehold. Leasehold is broken into two types - surface rights and right to lease.

- Freehold (Shoyuken): The absolute ownership of land and building.

- Surface Rights (Chijoken): The land is leased, while owners of the building and units have the right to buy/sell as they please. This form is most commonly found on land used for apartment buildings.

- Right to Lease (Chinshakuken): The land is leased, while owners of the building and units must attain the landowner's approval before they can transfer or sublease. Also, before rebuilding the structure on the land, the landowner's permission must be obtained. This form of leasehold is mainly used for land designed for individual houses, but not often for apartment buildings.

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by Zoe Ward

Average House Listing Prices for May 12, 2010

According to real estate listing site Home's, the average price for a100sqm house in Minato-ku is approximately 101 million Yen, and in Shibuya-ku is approximately 75 million Yen as of May 12, 2010.

Continue reading for details on the average prices for each area in central Tokyo.

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by Zoe Ward

Average Apartment Listing Prices for May 12, 2010

According to real estate listing site Home's, the average price for a 70sqm apartment less than 10 years old in Minato-ku and Shibuya-ku is approximately 65~66 million Yen.

Continue reading for details on the average prices for each area in central Tokyo.

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by Zoe Ward

Second-hand apartment prices up 9% from June, 2009

Second-hand apartment prices are slowly recovering. As they are comparatively cheaper than brand new apartments, demand is returning and the viewpoint that this is no longer the bottom of the market is emerging.

Nagoya's 7 cities see the highest increase of 2.7%

Real estate information provider, Tokyo Kantei, reported that the average price of a 70sqm apartment in Tokyo's 23 Wards reached 42.97 million Yen in March, 2010. This is 9% higher than the bottom average price that was recorded in June, 2009.

From Autumn of 2009, Tokyo, Yokohama and Saitama have been showing signs of transitioning into a bullish market. Nagoya's 7 cities had the largest rate of growth of 2.7% compared to the previous month, with Osaka and Kobe seeing almost no change.

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by Zoe Ward