Tokyo Apartment Sales in April 2017
The following is a selection of apartments that were sold in central Tokyo during the month of April 2017:Read more
91-yr old condo-conversion in Tokyo blends old with new
Nestled down in a quiet and hidden location in Tokyo’s Hongo neighbourhood is a 91-year old building that was converted into condominium-type apartments several years ago, making it the oldest apartment conversion project in Japan.
The Kyudo Gakusha was built in 1926 as a student dormitory. It was designed by architect Goichi Takeda (1872-1938) and originally had 30 rooms, each about 10 sqm in size, as well as a common area with dining hall and library. The 3-storey building is one of Japan’s earliest reinforced concrete buildings.
The building fell into disrepair in the 1990s, with roof leaks causing serious damage to the 2nd and 3rd floors and rendering them unlivable. In the early 2000s, the owner had considered demolishing the historic building and replacing it with a block of studio apartments.Read more
Floor space ratios may be relaxed for pre-1981 buildings in Tokyo
The Tokyo Metropolitan Government is considering introducing regulations that would relax floor-space ratios when redeveloping old apartment buildings in the city. This would allow for the additional space to be sold by a real estate developer, which would help to cover the costs of redevelopment.
The target of the revision is condo-style apartment buildings that were built to the old earthquake codes (kyu-taishin). The major change to earthquake codes occurred in May 1981, with buildings built after this date meeting the current codes. Due to the time period from construction to completion, there are some buildings from 1982 that may have been built to the old ‘kyu-taishin’ codes.Read more
Historic restaurant in Nagasaki looking for buyer
The owner and operator of the 150-year old Fukiro Restaurant in Nagasaki City will be temporarily closing the restaurant later in the year while they search for a buyer of the historic property.
The owner, who is the 6th generation of the founder, made the difficult decision due to a shortage of staff and not having a successor. Annual revenues have also fallen to about 10% of what they were during the bubble years. The large building and traditional Japanese gardens are costly to maintain, which is putting a further strain on operations.Read more
Japan’s high-rise apartment market from 2017 to 2021 onwards
According to the Real Estate Economic Institute, there are 285 high-rise residential buildings containing 106,321 apartments planned for completion across Japan from 2017 onwards. This is an increase of 47 buildings and 16,477 apartments from the previous survey point in March 2016.
76.1% of the apartments are located in the greater Tokyo area, where 186 high-rises containing 80,919 apartments are planned in the coming years. This is an increase of 40 buildings and 15,907 apartments from the 2016 survey.
52.2% of the future supply nationwide will be located in Tokyo’s 23 wards, with 124 buildings containing 55,519 apartments either under construction or planned for future construction. This is an increase of 32 buildings and 9,942 apartments from 2016.Read more
Tokyo apartment asking prices in March 2017
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment in greater Tokyo was 35,810,000 Yen in March 2017, down 0.1% from the previous month but up 5.8% from last year. The average building age was 22.5 years.
In the Tokyo metropolitan area the average asking price was 48,150,000 Yen, down 0.6% from the previous month but up 2.8% from last year. The average building age was 21.9 years.
In Tokyo’s 23 wards the average asking price was 53,110,000 Yen, down 0.3% from the previous month but up 2.5% from last year. The average building age was 21.8 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya) the average asking price was 72,770,000 Yen, up 0.1% from the previous month and up 1.8% from last year. The average building age was 20.1 years.
Prices in central Osaka have shifted to a downwards trend since July 2016. In March, asking prices were 37,060,000 Yen, down 1.5% from the previous month.
Daiwa House unveils high-end custom-built homes
On April 12 Daiwa House announced details on their newest and highest grade of custom-built homes aimed towards wealthy buyers. The ‘PREMIUM Gran Wood’ homes are wood-framed houses with construction costs starting from 300,000 Yen per square meter (255 USD / sq ft), not including land purchase costs. With additional options and finishes, construction costs can exceed 600,000 Yen/sqm. The average house is expected to cost a minimum of 50 million Yen (approx. 460,000 USD) to build.
Daiwa is expecting to build 50 of these houses in their first year of sales.Read more