Residential yields in Minato-ku - January 2015
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in January was 5.3%, down 0.6 points from the previous month and down 0.5 points from last year. The average gross yield across Tokyo was 6.8%, showing no change from the previous month but down 0.7 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 843,128 Yen/sqm as of January 1, up 1.2% from the previous month and up 14.1% from last year. The average asking price for land was 1,262,424 Yen/sqm, up 0.3% from the previous month and up 50.5% from last year.(*Note: January 2014 saw a temporary dip in land prices. Since the prices are based on listings on the Homes site, it is possible that some comparatively cheap land was listed which may have pulled the average down for that month.)Read more
Home loan interest rates to reach record low in January
Three of Japan’s major banks are lowering the prime interest rates on their 10-year fixed rate homes loans in January.
The Bank of Tokyo-Mitsubishi UFJ and Mizuho Bank will lower interest rates by 0.1 points to 1.15%, while Sumitomo Mitsui Trust Bank will reduce their rate by 0.1 points to 0.9%. It is expected that other banks will also lower their rates.
Large-scale monetary easing by the Bank of Japan has caused the long-term interest rate to reach a record low.Read more
Tokyo apartment sales in December 2014
The following is a selection of apartments that were sold in central Tokyo during the month of December 2014:Read more
High-rise plans for northern side of Toranomon Hills
On December 12, the Tokyo Metropolitan Government’s Bureau of Urban Development announced details for the Toranomon Station South District Plan. There are plans for this project to be certified under the National Strategic Special Zone, which could provide an allowance to increase the floor space for the site.
District A
District A (Toranomon 1-17~20), which is a 1.5 hectare site directly across the street on the northern side of Toranomon Hills, currently contains several smaller buildings including the Toranomon 10 Mori Building (1966) and the Nishimatsu Building (1962). Current plans are for a 36-storey, 185m tall office building with a total floor area of 175,000 sqm. Development approval is expected to be announced in June 2015. If approved, construction will start in February 2017 with completion expected by December 2019.Read more
150+ year old warehouse and shop in Bunkyo-ku at risk of demolition
The owner of a historic shop in Bunkyo-ku, Tokyo announced plans to demolish the building and sell the land after having difficulty in maintaining the 150 year old property. Local residents have formed a group to oppose demolition and held a public symposium on December 17th to call for urgent action to protect the property.
The former Iseya Pawnshop, located alongside the Hongo-Kikuzaka slope, operated from 1860 to 1982. The property consists of three buildings including a 2-storey warehouse, shop and a 1-storey tatami room. The traditional warehouse dates from the Bakumatsu era, or the closing days of the Tokugawa shogunate (1850s ~ 1860s) and was relocated from Shikihama in Adachi-ku to its current location in 1887. The tatami room was built in 1890 and the shophouse was built in 1907.
Ichiyo Higuchi, a prominent author of the Meiji period who is featured on the 5,000 Yen banknote, mentioned the store in her writing as she lived in the neighbourhood for several years.Read more