Luxury apartment sales dominating Japan’s property market
Recently a 300 sqm penthouse apartment with views of Tokyo Tower was reported to have sold for 1 billion Yen (approximately 9.5 million USD). The surprising aspect of the sale was that the apartment was one of several unsold developer-owned units in a building that was completed back in 2007.
The developer had tried for years to sell off the final remaining units after sales hit a slump following the global financial crisis in 2008. In late 2015, the developer re-started sales and has been able to sell some units at prices higher than pre-2008 levels.Read more
Illegal AirBnbs found operating out of semi-public housing
The Urban Renaissance (UR) Agency is cracking down on tenants who are illegally subletting their rental apartments to provide short-term accommodation to foreign tourists.
According to UR, as many as 80 rental apartments were found to be illegally sublet by tenants. The majority of the properties were in UR-operated buildings in Tokyo and Osaka. The agency became aware of the issue after receiving a growing number of complaints from residents reporting large numbers of foreigners with suitcases coming and going from apartments.Read more
Tokyo apartment asking prices increase for 24th consecutive month
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in June 2016 was 34,730,000 Yen, up 0.6% from the previous month and up 15.3% from last year. This is the 6th month in a row to record an increase from the previous month. The average building age was 22.2 years.
In the Tokyo metropolitan area the average asking price was 47,900,000 Yen, up 0.5% from the previous month and up 14.7% from last year. This is the 24th month in a row to record an increase in prices. The average building age was 21.9 years.
In Tokyo’s 23 wards the average asking price was 52,870,000 Yen, up 0.4% from the previous month and up 12.9% from last year. The average building age was 21.8 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya) the average asking price was 71,500,000 Yen, up 0.1% from the previous month and up 8.8% from last year.
Average monthly rent in June 2016
According to Tokyo Kantei the average monthly rent of a condominium in greater Tokyo was 2,605 Yen/sqm in June 2016, down 2.1% from the previous month and down 0.5% from last year. The average apartment size was 59.73 sqm and the average building age was 19.8 years.
In the Tokyo metropolitan area the average monthly rent was 3,132 Yen/sqm, down 1.0% from the previous month but up 0.7% from last year. The average apartment size was 57.08 sqm and the average building age was 18.0 years.Read more
New apartment supply in Tokyo down for 7th month
According to the Real Estate Economic Institute, 3,050 brand new apartments were released for sale in greater Tokyo in June, up 1.6% from the previous month but down 12.9% from last year. This is the 7th month in a row to see a year-on-year decline in supply.
2,124 apartments were sold, resulting in a contract ratio of 69.6%, down 1.3 points from the previous month and down 9.1 points from last year. 410 apartments in high-rise buildings (over 20-storeys) were offered for sale, down 45.0% from last year. The contract ratio was 81.0%, up 7.1 points from the previous month but down 0.6 points from last year.
The average price of a new apartment across greater Tokyo was 56,720,000 Yen, down 0.4% from the previous month and down 2.5% from last year. The average price per square meter was 823,000 Yen, showing no change from the previous month but down 0.7% from last year.Read more
50-yr old office building in Tokyo converted into hostel
Yasuda Real Estate has converted a 50-year old office building in Chuo-ku, Tokyo, into a tourist-oriented hostel.
The owl-themed Wise Owl Hostels Tokyo is located above Hatchobori Station on the Hibiya Metro Line. Floors 2 ~ 5 will have dormitory and private-room accommodation, while the 6th floor will have a furnished, 2-Bedroom serviced apartment of 83 sqm (860 sq.ft) in size. The apartment can accommodate up to four guests, with a minimum stay of one month. The monthly rent has yet to be announced.Read more
Setagaya to demolish Kunio Maekawa-designed office buildings
On June 25, Setagaya Ward announced that they are considering demolishing and rebuilding the ward office buildings. The buildings may be replaced by 5 ~ 8-storey government office buildings, with construction starting by 2020.
The No. 1, No. 2 and Kumin Hall Buildings were designed by modernist architect Kunio Maekawa and built in 1959-1960. Read more