Tokyo – Page 237 – JAPAN PROPERTY CENTRAL K.K.

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

Kengo Kuma to design new Shibuya Station area

On June 17, Tokyu Corporation and JR announced that internationally renowned architectural firm Kengo Kuma and Associates will be designing part of the new Shibuya Station area redevelopment.Read more

by Zoe Ward

MLIT Land White Paper 2013

On June 11, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released the data from their 2013 White Paper on Land.

According to the report, land prices continue to fall across Japan although the rate of decline is shrinking. A greater number of survey locations saw an increase or stabilisation of land prices.Read more

by Zoe Ward

Average apartment rent in May

According to Tokyo Kantei, the average monthly rent of an apartment in greater Tokyo in May increased by 0.1% from last month to 2,530 Yen per square meter. In Tokyo City, the average monthly rent in May was 2,979 Yen/sqm, up just 1 Yen from last month, but 2.2% higher than it was in May 2012. The average rent in Tokyo's 23 wards was 3,086 Yen/sqm, up 0.1% from last month and 2.2% from last year.Read more

by Zoe Ward