Japan’s Standard Land Prices were announced yesterday by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). The national average dropped by 0.4% from last year. This is the second year in a row to see a decline, but it is a slight improvement from last year’s 0.6% drop. The nationwide average has been in the negative for 27 of the past 30 years.
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The average asking price of a 70 sqm (753 sq.ft) second-hand apartment in the Tokyo metropolitan area in July has increased month-on-month for the past 13 months. According to Tokyo Kantei, the average asking price was 58,000,000 Yen, up 1.6% from June and up 13.3% from July 2020.
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The average asking price of a 70 sqm second-hand apartment across greater Tokyo reached 41,140,000 Yen in June, according to Tokyo Kantei. This is the highest level seen since the company began recording data in 2002, and beating a previous high seen in May.
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On July 1, the National Tax Agency (NTA) released the rosenka land tax values for 2021. Not surprisingly, Osaka’s heavily tourist-oriented Shinsaibashisuji Street saw the biggest decline nationwide, with a 26.4% drop in 2021.
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Bad news for buyers who decided to sit on the sidelines throughout 2020. According to Tokyo Kantei, the average asking price of a 70-sqm secondhand apartment across greater Tokyo was 40,440,000 Yen in May, up 0.6% from the previous month and up 10.1% from last year. This is the highest level seen since record-keeping began in 2002.
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On May 18, sporting company Mizuno Corporation announced plans to demolish their 94-year old former headquarters building in Osaka.
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On April 27, the Sankei Shimbun newspaper reported on two neighboring apartment buildings in Osaka that are leaning to the point where they are now touching. One of the buildings was deemed at risk of collapse over 8 years ago, yet the building owner has taken no action. Several tenants continue to live in the buildings.
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Tokyo Tatemono and Hotel Properties Limited are developing a 195-meter tall, 49-story mixed condominium and hotel high-rise just south of the Osaka / Umeda Station district. This will be the first high-rise development in Japan to have both the Four Seasons Hotel and a condominium in the same building.
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The nationwide ‘koji-chika’ (or chika-koji) land valuations for January 1, 2021 have just been announced. Read on if you want to see how the coronavirus pandemic has affected Japan’s real estate market.
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Osaka Metro Co., Ltd., the operator of Osaka’s metro transit system, has reportedly sold a ‘minpaku’-style short-term letting building at a loss. The apartment building was purchased in 2019 with the goal of opening it to foreign tourists from February 2021, but those plans have been abandoned due to the ongoing international travel bans.
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