Residential yields in Minato-ku - July 2015
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in July was 4.7%, showing no change from the previous month and down 0.5 points from last year. The average gross yield across Tokyo was 6.5%, down 0.2 points from the previous month and down 0.6 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 857,785 Yen/sqm as of July 1, 2015, up 85 Yen from the previous month and up 9.1% from last year. The average asking price for land was 1,226,363 Yen/sqm, up 1.1% from the previous month but down 1.9% from last year.Read more
High-rise condo in Ariake bans AirBnb hosts
The growing number of apartment owners or tenants leasing out their properties on AirBnb in Tokyo is becoming a cause for concern for owners’ associations.
The board of directors of Brillia Mare Ariake, a 33-storey condominium in Tokyo Bay, have taken steps to curb the conspicuous number of private short-term rentals in the building. According to a post on Brillia Mare Ariake’s management blog, the rise in holiday letting or short-term rental listings, including share-houses, in the building had the board of directors worried. Of particular concern was the use of the building’s facilities, such as the pool and spa, by a large number of short-term guests and visitors that are unaware of building rules. The increase in the number of strangers using the building's facilities was also considered to pose a risk to property values.Read more
Tokyo Apartment Sales in June 2015
The following is a selection of apartments that were sold in central Tokyo during the month of June 2015:Read more
Chiyoda ofice building converted to serviced apartments and office suites
NTT Urban Development have converted a 22-year old office building in Chiyoda-ku into a mixed-use serviced apartment, share office and serviced office space.
‘Hive Tokyo’ (formerly Pacific Square Kudan Minami) is targeted towards both Japanese and foreign clients. The 10-storey building is located across the street from the Yasukuni Shrine and a 6 minute walk from Ichigaya Station. The building is scheduled to open in August 2015.Read more
PanaHome unveils 6-storey house
PanaHome have opened three 6-storey model homes in Tokyo and Yokohama. These are said to be the tallest model homes to be built in Japan.
The display homes are part of their Vieuno PRO series that includes both residential homes with retail and office space. A change to the inheritance tax laws in January 1, 2015, has caused wealthy landowners in Tokyo to seek ways to reduce their future inheritance tax burden. A residence with a portion that is leased out may be eligible for additional inheritance tax deductions.
The Vieno PRO homes allow for floors with high ceilings (up to 3.15m on the 1st floor), which can appeal to retail tenants, such as convenience stores. The homes can be built up to 7-storeys tall.Read more