New apartment prices in August

The Residence Mita. All 90 apartments initially released for sale sold out on the same day.

According to the latest data from the Real Estate Economic Institute, a total of 4,145 brand new apartments were released for sale across greater Tokyo in August, up 53.3% from last year. This is the supply of apartments in the month of August since 2005.

Of those, 3,378 were sold making the contract ratio 81.5%.

Meanwhile, a total of 2,250 second-hand apartments were also sold in greater Tokyo during the month.

The average price of a new apartment was 47,960,000 Yen, up 0.5% from last year. The average price per square meter was 677,000 Yen, down 2% from last year.Read more

by Zoe Ward

Land prices increase for first time in 5 years

The MLIT announced the nationwide standard land prices (kijun-chika) on September 19. These land price surveys are carried out by the prefectural governments each year on July 1.

This year, commercial land prices increased in Tokyo, Osaka and Nagoya for the first time in five years.

Nationwide, the overall land prices were down 1.9%. This is the 22nd year of decline, although the rate has reduced from a 2.7% decline in 2012. The decline is being pulled down by rural or regional area suffering from depopulation, which saw prices drop 2.6% this year. Overall land prices in Japan's three largest cities, however, were up 0.1% after a 1% drop in 2012.Read more

by Zoe Ward

Office vacancy rates in August - Miki Shoji

Ark Hills South TowerAccording to Miki Shoji, the office vacancy rate in Tokyo's 5 central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya was 8.16% in August, down 0.13 points from the previous month.  Vacancy rates decreased in four of the five districts.

The vacancy rate in new buildings was 17.93%, up 5.21 points from the previous month. Read more

by Zoe Ward

Second-hand apartment prices in central Tokyo up 15.6%

According to REINS, sales of second-hand apartments in greater Tokyo in August were up 16% from last year. A total of 2,250 apartments were sold during the month. The average price was 25,560,000 Yen (260,000 USD), up 3.5% from August 2012, but down 0.6% from last month. The average price per square meter was 400,100 Yen, up 5.3% from last year and up 1.8% from last month.

The average apartment size was 63.88 sqm (687 sqft) and the average building age was 20.08 years.

In Tokyo's central three wards (Chiyoda; Chuo and Minato), the average price per square meter was up 15.6% from the same time  last year to 823,800 Yen.Read more

by Zoe Ward

The Parkhouse Grand Chidorigafuchi Sold Out

All apartments available for sale in The Parkhouse Grand Chidorigafuchi have already sold out. 22 apartments ranging from 160 ~ 542 million Yen (1.61 ~ 5.46 million USD) were offered for sale earlier this month.

A total of 112 purchase applications were made, with each apartment received an average of 5.09.Read more

by Zoe Ward

Tokyu Hands Shibuya store sold for 10 billion Yen

Hulic have purchased the Nishi Shibuya Tokyu Building (aka the Tokyu Hands Shibuya Store) from a Tokyu-related company for 10 billion Yen (101 million USD). Hulic plan to redevelop the site when Tokyu's lease expires in 10 years.

The current building is 10 storeys with a total floor area of 13,000 sqm. It is on a 1,800 sqm block of land in the middle of Shibuya's retail precinct. It was originally owned by Tokyu Fudosan Group, but sold to a related fund in 2006 for 14 billion Yen.Read more

by Zoe Ward

Should you buy into the Olympics hype for Tokyo's bayside areas?

Don't let the Olympics overshadow your thought process when buying. 

Short-sighted buyers who buy under the hype of the Olympics could possibly find themselves in a difficult position after the games have finished.

Since the Olympics announcement last week, the real estate industry has been in a state of excitement as buyers scramble to buy apartments near the action. But the Olympics are still 7 years away and the event only lasts a few weeks. Can this excitement be sustained and what will happen to property prices after the games are over?Read more

by Zoe Ward