Final chapter for Tokyo's Chongryon HQ

March 14, 2014Japan Foreclosed Properties,Chiyoda-ku,ChongryonForeclosed Properties,Real Estate News,All,Tokyo

Chongryon HQ TokyoRather than hold a third auction, the Tokyo District Court announced plans to sell the foreclosed Chongryon headquarters in Chiyoda-ku, Tokyo to a real estate company from Takamatsu City in Kagawa Prefecture. If there are no problems with Marunaka Holdings' paperwork, the final decision regarding the sale will be made on March 24.Read more

by Zoe Ward

Secondhand apartment sales in February - REINS

March 13, 2014Real Estate News,Market Information,All

According to REINS, 3,311 second-hand apartments were sold across greater Tokyo in February, up 23.2% from January but down 0.2% from February 2013. This is the first time in 18 months where the number of apartment sales have been lower than they were 12 months prior.

The Tokyo Metropolitan area was the only area to record an increase in year-on-year sales, while Kanagawa Prefecture recorded a 6.6% drop in sales figures.Read more

by Zoe Ward

12 investors suing their 'dates' after elaborate apartment sales scam uncovered on dating site

March 12, 2014Buyer Beware!,Real Estate News,All,Laws and Lawsuits,Tokyo

Twelve men and women are suing Tokyo-based real estate agencies, apartment sales offices and lending institutions for 200 million Yen in the Tokyo District Court after purchasing over-priced investment apartments at the suggestion of their dates met through online dating sites.

Their 'dates' turned out to be real estate agents who concealed their occupation and allegedly sweet-talked the plaintiffs into purchasing apartments. After settlement, however, their dates ceased all communications.Read more

by Zoe Ward

Residential yields and vacancy rates in Minato-ku - March 2014

March 11, 2014tokyo apartment rent,Rental yield in TokyoReal Estate News,Rental Market,Market Information,All

According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in March was 5.5%, up 0.1 points from February. The average gross yield across Tokyo was 7.3%, down 0.1 points from the previous month.

The vacancy rate remains unchanged at 9.9% in Minato-ku and 11.0% across Tokyo.

The average asking price of a secondhand apartment in Minato-ku was 779,828 Yen/sqm as of March 1, up 2.7% from the previous month. The average asking price for land was 1,063,939 Yen/sqm, down 0.8%.Read more

by Zoe Ward

First apartment building for Osaka's Midosuji Boulevard

March 10, 2014Midosuji AvenueNew Construction,Real Estate News,All,Osaka

Midosuji OsakaAfter a recent relaxation of zoning rules, Osaka's Midosuji Boulevard will soon see its first apartment building. 

Sekiwa Real Estate Kansai - a subsidiary of Sekisui House - is planning have the mixed-use building completed by 2016. The building height is expected to be approximately 100m, with luxury rental apartments on the higher floors. Read more

by Zoe Ward

TAS Corp's rental market data for February

March 7, 2014rental market japan,rental market tokyoReal Estate News,Rental Market,All,Osaka,Tokyo,Kyoto

According to TAS Corp's latest report on the rental market for apartments, the average vacancy rate in Tokyo's 23-ku was 11.85% in February, up 0.15 points from the previous month and up 0.28 points from February 2013.

Apartments were advertised for an average of 3.02 months before finding a tenant.Read more

by Zoe Ward

MUFG to offer reverse mortgages

March 6, 2014Real Estate News,All,Home Loans / Mortgages

The Bank of Tokyo-Mitsubishi UFJ (MUFG) will begin offering reverse mortgages this month.

While the majority of reverse mortgages in Japan are only based on the value of the land (due to the low value given to older buildings), MUFG's mortgages can also apply to homes and apartments.Read more

by Zoe Ward