New apartment prices in Tokyo at highest level in over 5 years
According to the Real Estate Economic Institute, 2,598 brand new apartments were released for sale in greater Tokyo in February, up 54.7% from the previous month but down 2.0% from last year. This is the lowest level seen for the month of February since 2009.
1,935 apartments were sold, making the contract rate 74.5%, down 0.4 points from the previous month and down 6.1 points from last year.
The average new apartment price was 56,960,000 Yen, up 27.9% from the previous month and up 12.5% from last year. The average price per square meter was 812,000 Yen, up 27.1% from the previous month and up 14.7% from last year.
699 apartments in high-rise buildings (over 20 storeys) were offered for sale, up 78.3% from last year. The contract rate was 87.3%, down 0.5 points from last year.Read more
February 2015 rental data - Tokyo Kantei
According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo was 2,626 Yen/sqm in February, up 3.2% from the previous month and up 2.5% from last year. The average apartment size was 59.54 sqm and the average building age was 19.0 years.
In Tokyo’s 23-ku, the average monthly rent was 3,201 Yen/sqm, up 0.7% from the previous month and up 1.7% from last year. The average apartment size was 56.58 sqm and the average building age was 17.2 years.Read more
Iseya Pawnshop sold to University
The owner of the historic Iseya Pawnshop in Bunkyo-ku, Tokyo, signed a contract of sale with Atomi University on March 11. The price has not been disclosed, although some reports suggest it sold for around 130 million Yen (1.07 million USD).
The property includes a 2-storey warehouse dating from the 1850s ~ 1860s, a tatami room dating from 1890 and a shophouse dating from 1907. The pawnshop operated from 1860 to 1982, and was mentioned in author Ichiyo Higuchi’s writings. The three buildings were registered as Tangible Cultural Properties in 2003.Read more
Central Tokyo apartment transactions reach record high for February
According to REINS, 3,292 second-hand apartments were sold across greater Tokyo in February, up 34.9% from the previous month but down 0.6% from last year. This is the 11th month in a row to see a year-on-year decline, although the rate of decline is the lowest seen so far.
The average apartment sale price was 29,260,000 Yen, up 4.6% from the previous month and up 8.7% from last year. The average price per square meter was 450,000 Yen, up 2.9% from the previous month and up 8.0% from last year. The average building age was 19.33 years.
1,572 second-hand apartments were sold in the Tokyo metropolitan area, up 31.8% from the previous month but down 4.1% from last year. The average sale price was 36,410,000 Yen, up 9.6% from the previous month and up 10.7% from last year. The average price per square meter was 605,900 Yen, up 6.8% from the previous month and up 11.3% from last year. The average building age was 18.37 years.
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 187 apartments were sold, up 50.8% from the previous month and up 8.1% from last year. This is the highest number of transactions in February since REINS began recording data in 2008.Read more
Apartments to be built in historic Kyoto Shrine grounds
Shimogamo Shrine in Kyoto’s Sakyo Ward announced that several condominiums will be built on part of the shrine’s grounds.
The shrine’s main buildings are rebuilt every 21 years. To help raise the 3 billion Yen required to rebuild in 2015, part of the shrine’s land will be leased to a private developer. The shrine has already raised 1 billion Yen and will receive around 800 million Yen in national grants.
A 9,650 sqm parcel of land about 600 meters south of the main shrine will be leased to a private developer under a 50-year term with an annual land rent of 80 million Yen. At the end of the lease, the buildings will be demolished and the land will be returned to the Shrine. The land is currently used as a car park and training hall.Read more
600 billion Yen project announced for Yaesu
Mitsui Fudosan and Tokyo Tatemono have plans for a 600 billion Yen (5 billion USD) redevelopment on the eastern side of Tokyo Station. Two buildings up to 250 meters tall will be built in the Yaesu 1 and 2 Chome districts. The developers are considering including residential, retail, education, cultural and medical facilities with English-speaking staff in the complex. The Yaesu area currently has a resident population of just 110 people, so residential supply has been very limited.
The redevelopment site is located in a National Strategic Special Zone. These zones have been created to encourage the creation of full-service business districts that are internationally competitive. Developers may receive allowances to provide for extra floor-area ratios and foreign companies may receive additional benefits to locate in these areas.Read more