Rosenka land values down 1.8% nationwide

The National Tax Agency announced the 2013 Rosenka land valuations on July 1. Although the average land value nationwide fell for the 5th year in a row, the rate of decline is slowing. Rosenka land values were down 1.8% across Japan in 2013, after falling 2.8% in 2012 and 3.1% in 2011.

In Tokyo, the rosenka land value dropped by 0.3%, compared to a 1.2% decline in 2012.Read more

by Zoe Ward

Asakusa's Ryounkaku Tower to be revived

Asakusa's Ryounkaku Tower is going to make a reappearance as a new theatre under construction will feature a facade replicating the original historic tower.

The Maruhan Shochiku Rokku Tower is scheduled to open in December 2014. At 48 meters tall, it will be 4 meters shorter than the original tower.

The Ryounkaku was a 12-storey octagonal tower built in 1890. It was designed by British engineer William Kinnimond Burton, who spent most of his career in Japan. The first 10 floors were brick, while the top observation floors were wood.Read more

by Zoe Ward

Konami acquires Hotel Seiyo Ginza building

Gaming company Konami Corporation have purchased the Hotel Seiyo Ginza building from Tokyo Theatres for 17.8 billion Yen (180 million USD). Konami plans to convert the hotel into commercial space to be used as gaming development offices. Some of their 3,000 staff in Roppongi will relocate to the Ginza location. They will also develop event spaces which can be used to hold gaming conventions.

The 12 storey building has a total floor area of approximately 19,000 sqm (204,000 sqft) and is on a 2254 sqm block of land. The hotel was opened at the beginning of Japan's bubble in 1987. The 77-room hotel was the first in Japan to offer concierge services. In 2000, Seiyo Corporation filed for bankruptcy and the building was sold to Tokyo Theatres Co. Read more

by Zoe Ward

Matsuzakaya Ginza Department Store to close after 89 years

The Matsuzakaya Ginza Department Store will close its doors on June 30 as the site it occupies is going to be redeveloped.

The department store opened in Ginza the year following the Great Kanto earthquake of 1923, and is the oldest department store in the famed shopping district. At the height of Japan's bubble in 1990, annual sales reached 54 billion Yen. However, revenues began to drop due to growing competition from other department stores, including Mitsukoshi, Matsuya and Printemps Ginza, and an influx of fast fashion retailers.  By 2013, sales were down to 10.2 billion Yen. Read more

by Zoe Ward

A snapshot of Tokyo Bay's newest condominiums

The man-made islands on Tokyo Bay have been undergoing a slow gentrification over the past 10 years or so as factories and warehouses are gradually being replaced by high-rise apartment buildings and shopping malls.

The islands are already home to some large-scale redevelopments, including The Tokyo Towers (2008) and Triton Square (2001), while many more projects are in the pipeline.

This area was usually thought of as a cheaper alternative to apartment living in the more central areas in Tokyo, while still offering an easy commute. However, prices in some apartments can now be as high as those in Minato-ku. The growing popularity of the area, however, does not mean every project is guaranteed strong sales.Read more

by Zoe Ward

When is the best time to buy a new apartment?

Why you risk paying up to 15% more if you buy off-the-plan

With the price of new apartments in Tokyo's 23 wards up 4% over the past 12 months, and a contract rate of 82%, many buyers may feel pressured to make their purchase sooner rather than later. But should you rush into purchasing a new apartment off-the-plan or is it better to wait until the apartment is completed?Read more

by Zoe Ward

Secondhand apartment prices in May - Tokyo Kantei

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) secondhand apartment in Tokyo's 23-ku in May increased by 0.6% from last month to 39,600,000 Yen (405,000 USD). It is only 0.5% lower than the average price in May 2012.

Prices across Greater Tokyo, however, are down 4.2% from last year to 27,590,000 Yen (282,000 USD). Read more

by Zoe Ward