Landowner suing Osaka City for bomb disposal fees
A landowner in Osaka is fighting the city over the disposal costs of an unexploded ordnance (UXO) unearthed during construction. The property owner filed a civil suit in the Osaka District Court seeking the reimbursement of the 5,760,000 Yen in bomb removal fees.
In March 2015, a 1.8 meter long American-made bomb weighing 1,000kg was found buried two meters underground in an apartment construction site in the Namba area. A 300-meter evacuation radius was established while the Self-Defense Forces removed the bomb. As many as 2,200 residents had to temporarily evacuate, and the nearby Nankai Main Train Line had to stop operations for a three hour period. Read more
Average apartment rent in April 2016
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,666 Yen/sqm in April, up 3.0% from the previous month and up 2.5% from last year. The average apartment size was 59.21 sqm and the average building age was 19.0 years.
In the Tokyo metropolitan area, the average monthly rent was 3,156 Yen/sqm, down 1.9% from the previous month but up 1.2% from last year. The average apartment size was 56.51 sqm and the average building age was 17.3 years.
In Tokyo’s 23 wards, the average monthly rent was 3,307 Yen/sqm, down 1.4% from the previous month but up 2.1% from last year. The average apartment size was 55.94 sqm and the average building age was 16.7 years.
Japan’s high-rise market from 2016 onwards
According to the Real Estate Economic Institute, there are 238 high-rise residential buildings containing a total of 89,844 units planned for completion across Japan from 2016 onwards. This is an increase of 48 buildings and 11,544 units from the previous survey point in March 2015.
65,012 units are located in the greater Tokyo region, representing 72.4% of the supply nationwide. 45,577 units in 92 buildings, representing 50.7% of the supply, are located in Tokyo’s 23 wards. In Tokyo’s Chuo-ku, which includes the bayside islands, 12,481 apartments are currently planned, representing 27.4% of the supply in Tokyo’s 23 wards.Read more
Tokyo apartment asking prices increase for 21st consecutive month
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in March 2016 was 33,840,000 Yen, up 0.8% from the previous month and up 14.5% from last year. The average building age was 22.0 years.
In the Tokyo metropolitan area, the average asking price was 46,860,000 Yen, up 0.9% from the previous month and up 15.5% from last year. This is the 21st month in a row to see an increase in prices. The average building age was 21.5 years.
In Tokyo’s 23 wards, the average price was 51,790,000 Yen, up 0.3% from the previous month and up 14.2% from last year. The average building age was 21.5 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 71,460,000 Yen, up 0.5% from the previous month and up 10.5% from last year. The average building age was 20.0 years.Read more
Average apartment rent in March 2016
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,589 Yen/sqm in March, up 2.4% from the previous month but down 0.9% from last year. The average apartment size was 59.69 sqm and the average building age was 19.6 years.
In the Tokyo metropolitan area, the average monthly rent was 3,216 Yen/sqm, up 1.7% from the previous month and up 3.5% from last year. The average apartment size was 56.21 sqm and the average building age was 17.5 years.
In Tokyo’s 23 wards, the average rent was 3,354 Yen/sqm, up 1.4% from the previous month and up 3.8% from last year. The average apartment size was 55.70 sqm and the average building age was 16.9 years.
Japan's commercial land prices increase for first time in 8 years
For the first time in 8 years, commercial land prices in Japan saw an increase from the previous year. According to the 2016 ‘chika-koji’ assessed land values released by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), the nationwide commercial land price increased by 0.9% from 2015.
In the Tokyo metropolitan area, commercial land values increased by 4.1% in 2016, up from a 2.9% increase in 2015.
The increase can be attributed to improving office conditions in city centres, and a surge in construction of hotels to meet the growing number of foreign tourists. Read more