Secondhand apartment prices in April - Tokyo Kantei

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) second-hand apartment in Tokyo’s 23 wards was 41,500,000 Yen in April, up just 20,000 Yen from the previous month and up 5.4% from April 2013. Although the last three months saw month-on-month increases, the rate of growth has been shrinking and appears to have almost stopped. The average apartment age was 21.4 years, up 0.5 years from the previous month.

In central Tokyo’s six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average apartment asking price was 57,250,000 Yen, up 0.1% from the previous month and up 8.8% from last year. This is the ninth month in a row to see a month-on-month increase, although the rate of growth also appears to have slowed considerably in April after seeing a 2.1% increase in February and a 0.7% increase in March. The average apartment age was 21.3 years, up 0.3 years from the previous month.Read more

by Zoe Ward

April rental data - Tokyo Kantei

According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo was 2,637 Yen/sqm in April, up 1.4% from the previous month and up 4.4% from April 2013. The average apartment size was 59.28 sqm and the average building age was 18.1 years.Read more

by Zoe Ward

Historic Shinsaibashi Daimaru store to be demolished

Shinsabashi Daimaru Osaka 1

J. Front Retailing recently announced plans to redevelop the 81-year old Daimaru Department Store in Shinsaibashi, Osaka.

The store was designed by US-born architect William Merrell Vories and completed in 1933. Design-wise, the building is considered to be the best department store in Japan. It is a well-known example of ‘Taisho Modern’ architecture which is a mix of art deco and neo-gothic styles. In 2003, it made the DOCOMOMO Japan list of the top 100 modern buildings in the country.  Read more

by Zoe Ward

Earthquake insurance premiums set to rise by as much as 30%

From July 2014, earthquake insurance premiums are set to rise by an average of 15.5% across Japan, with some areas seeing a price hike of as much as 30%.

The reason for the increase is due to expectations of another major earthquake that could affect the country in the future. Following the 2011 Tohoku disaster, insurers were left with nearly 1.2 trillion Yen  in claims. This has severely drained the reserve fund. Read more

by Zoe Ward

March rental data - Tokyo Kantei

According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo was 2,601 Yen/sqm in March, up 1.5% from the previous month and up 2.4% from March 2013. The average apartment size was 59.50 sqm and the average building age was 18.5 years.

The average rent in Tokyo’s 23-ku was 3,191 Yen/sqm, up 1.3% from the previous month and up 3.6% from last year. This is the fifth month in a row where the average rent has increased from the previous month. The average apartment size was 56.40 sqm and the average building age was 16.7 years.Read more

by Zoe Ward

Office vacancy rates in March - Miki Shoji

According to Miki Shoji’s office report, the office vacancy rate in Tokyo’s five central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 6.70% in March, down 0.31 points from the previous month and down 1.86 points from March 2013. This is the first time since May 2009 that vacancy rates have dropped to the 6% range.

The vacancy rate in brand new buildings was 20.26%, up 0.61 points from the previous month but down 2.98 points from last year. Read more

by Zoe Ward

First apartment building for Osaka's Midosuji Boulevard

Midosuji OsakaAfter a recent relaxation of zoning rules, Osaka's Midosuji Boulevard will soon see its first apartment building. 

Sekiwa Real Estate Kansai - a subsidiary of Sekisui House - is planning have the mixed-use building completed by 2016. The building height is expected to be approximately 100m, with luxury rental apartments on the higher floors. Read more

by Zoe Ward