Roppongi Hills apartment to be auctioned off after charity donation
The former owner of a 2-Bedroom apartment on the 19th floor in Roppongi Hills Residence B has donated the property to Oita Prefecture’s Board of Education as part of his estate. The late owner, who passed away in 2014, was the grandchild of the former principal of the Oita Prefecture School for the Blind.
The Board of Education held an open auction to sell the apartment, with the proceeds going to the prefecture. Bids were open until February 17th.
The minimum bid was set at 140,790,000 Yen (1.25 million USD), which works out to around 1,877,000 Yen/sqm (1,550 USD/sq.ft). Read more
Brand new condominium prices in Japan reach 42-year high
The average price of a brand new condominium across Japan reached a 42-year high in 2015. According to the Real Estate Economic Institute, the average sale price of a brand new condominium across the country was 46,180,000 Yen (412,000 USD) in 2015, up 7.2% from 2014 and the highest price seen since the Institute began recording sales data in 1973.
The average price per square meter was 654,000 Yen (540 USD/sq.ft), up 8.5% from 2014. This is the 3rd year in a row to record a year-on-year increase. Although the total sale price reached a record high, the average price per square meter is still slightly below the peak of 667,000 Yen/sqm recorded in 1991.
The average price in Tokyo’s 23 wards was 67,320,000 Yen (600,000 USD), up 12.3% from 2014. The average price per square meter was 987,000 Yen (820 USD/sq.ft), up 13.1% from 2014.
In 2015, there were 1,688 brand new condos priced over 100 million Yen offered for sale in the greater Tokyo area, an increase of 85.9% from 2014, but still below the peak of 3,079 units in 1990. The most expensive new apartment sold in East Japan was a 203 sqm (2,184 sq.ft) penthouse apartment in the Kengo Kuma-designed Park Court Akasaka Hinokicho The Tower condominium in Akasaka, Tokyo. The apartment sold for 1.5 billion Yen (13.4 million USD), which resulted in a record-setting price per square meter of around 7.4 million Yen (6,130 USD/sq.ft). West Japan also saw the most expensive new apartment sale in the past 20 years when a penthouse apartment in a luxury condominium currently under construction alongside Kamo River in Kyoto sold for 749 million Yen (6.7 million USD), or around 2,440,000 Yen/sqm (2,000 USD/sq.ft).
Tokyo apartment asking prices increase for 19th consecutive month
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in January 2016 was 33,370,000 Yen, up 2.1% from the previous month and up 15.1% from January 2015. The average building age was 22.1 years.
In the Tokyo metropolitan area, the average price was 46,420,000 Yen, up 0.4% from the previous month and up 17.4% from last year. This is the 19th month in a row to see a month-on-month increase. The average building age was 21.7 years.
In Tokyo’s 23 wards, the average price was 51,620,000 Yen, up 0.4% from the previous month and up 17.3% from last year. This is also the 19th consecutive month to see a month-on-month increase. The average building age was 21.7 years.Read more
Average rent in Tokyo takes a dip in January
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,567 Yen/sqm in January 2016, down 2.3% from the previous month but up 0.9% from January 2015. This is the first time in 5 months that the average rent has fallen below the 2,600 Yen/sqm line, and is due to both a smaller share of listings in the Tokyo metropolitan area, as well as a softening of the rental market. The average apartment size was 59.70 sqm and the average building age was 19.9 years.
In the Tokyo metropolitan area, the average monthly rent was 3,128 Yen/sqm, down 1.2% from the previous month but up 2.6% from last year. The average apartment size was 56.46 sqm and the average building age was 18.1 years.
In Tokyo’s 23 wards, the average rent was 3,280 Yen/sqm, down 0.9% from the previous month but up 3.1% from last year. The average apartment size was 55.79 sqm and the average building age was 17.5 years.Read more
Nakagin Capsule Tower to undergo earthquake-resistant inspection
The results of an earthquake-resistant inspection could soon determine the fate of Ginza’s Nakagin Capsule Tower.
At an owner’s association meeting in early December 2015, the majority voted in favour of carrying out an earthquake-resistance inspection to determine the structural integrity of the building. If the building does not meet earthquake codes, the owners will consider demolishing the 44-year old metabolist landmark.Read more
Transactions of secondhand apartments in central Tokyo surge in January
According to REINS, 2,655 second-hand apartments were sold across greater Tokyo in January, up 4.4% from the previous month and up 8.8% from last year. The average sale price was 29,870,000 Yen, up 4.3% from the previous month and up 6.7% from last year. The average price per square meter was 468,400 Yen, up 3.1% from the previous month and up 7.1% from last year. This is the 37th month in a row to see a year-on-year increase in reported sale prices. The average building age was 20.26 years.
In the Tokyo metropolitan area, 1,292 second-hand apartments were sold, up 0.4% from the previous month and up 8.3% from last year. The average sale price was 37,120,000 Yen, up 3.8% from the previous month and up 11.7% from last year. The average price per square meter was 633,300 Yen, up 3.8% from the previous month and up 11.6% from last year. This is the 40th month in a row to see a year-on-year increase in sale prices. The average building age was 19.08 years.
Central Tokyo’s 3 wards
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 170 second-hand apartments were sold, up 7.6% from the previous month and up 37.1% from last year. This is the highest number of transactions for the month of January since record-keeping began in 2008.Read more