Central Tokyo secondhand apartment prices up 15.2% from last year
According to REINS, the number of second-hand apartment sales in greater Tokyo for the month of June 2013 increased by 17.9% from last year to 3,149 apartments. This is the 10th month in a row where sales have exceeded those of the same month one year prior.
The average sale price was 25,740,000 Yen (257,000 USD), up 6.9% from last year and up 0.1% from last month. The average sale price per square meter was 399,700 Yen/sqm, up 5.9% from June 2012 but down 0.4% from last month. The average apartment age was 19.12 years.
In central Tokyo's 3 wards (Chiyoda, Chuo and Minato), the average sale price of 45,500,000 Yen (454,000 USD) was 15.2% higher than last year and 3.6% higher than last month. The average price per square meter was 798,300 Yen, up 9.4% from last year and up 1.7% from last month.Read more
Tokyo may sell air rights above expressways
In order to speed up the redevelopment of ageing buildings which may be at risk of causing damage in a major earthquake, the air rights above highways may be sold to be used on neighboring sites.
The Minister of Land, Infrastructure and Transportation, Akihiro Ota, has expressed his desire to see this enacted as soon as possible.Read more
MLIT White Paper on home ownership
On July 2, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released their 2012 White Paper. The theme of the report explored the living situations and demographics of Japan's younger generation.
Home Ownership
Home ownership rates in Japan shrunk between 1983 and 1998, but began to pick up in 2008. The average rate across all age groups is around 60%.Read more
Asakusa's Ryounkaku Tower to be revived
Asakusa's Ryounkaku Tower is going to make a reappearance as a new theatre and pachinko hall, featuring a facade that is a replica of 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
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