Apartment buildings taking longer to redevelop
There have been 282 documented cases of condominium-style apartment buildings rebuilt across Japan, according to a report published by Tokyo Kantei last month.
Japan’s most expensive resort towns
Wondering where the most expensive resort areas are in Japan? According to a ranking by proptech company PriceHubble on September 20, 2022, the beachside town of Hayama in Kanagawa Prefecture is top of the list with an average price of 410,000 Yen/sqm.
Tokyo Apartment Sales in October 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of October 2022:
Land use restriction law goes into effect but lacks power to impede land purchases
A new law went into effect in September that gives the national government the power to look up the names, addresses and nationalities of landowners near sensitive locations, such as military bases and remote islands. But, this law does not give the government any power to restrict or ban purchases or ownership of land by foreign entities.
OMA-designed retail project coming to Harajuku
Construction on a new retail project in Harajuku kicked off last month. The 6-story building will have a total floor area of 7,800 sqm (84,000 sq.ft) and occupy a 1,960 sqm site with front and rear street frontage.
Foreclosure in Niseko sells for 2200% above reserve
A foreclosed block of land in Niseko ended up selling for over 22 times its auction reserve earlier this month. The 1,012 sqm (10,889 sq.ft) lot of non-zoned land is 6.3 kilometers from Niseko Station and in the Annupuri district with the Moiwa and Annupuri ski slopes nearby.
New apartment price drops 5.5% in first half of 2022
According to the Real Estate Economic Institute, the average price of a brand-new apartment released for sale across greater Tokyo in the first half of 2022 (April - September) was 63,330,000 Yen, down 5.5% from the first half of 2021 and the first decrease in four years. This is due to fewer high-priced luxury condos being supplied compared to this time last year.