How long does it take to for an apartment to sell in central Tokyo?
We find many clients miss out on some great purchases because they assume they will have plenty of time before a property sells. One of the biggest mistakes you can make when trying to enter a major market like Tokyo is to think that you are the only buyer out there. In reality, there are a lot of buyers circling the market, especially in central Tokyo. The vast majority are domestic buyers who know the market and are able to pounce quickly.
Over 22,000 public housing units across Japan contained asbestos
A survey by public broadcaster NHK has found that there were over 22,000 apartments in public housing complexes across Japan that were built with materials containing hazardous asbestos.
From the findings, a professor from the Tokyo Institute of Technology has suggested that there is a possibility that as many as 230,000 former residents could have inhaled asbestos fibers while living in these apartments. While this does not mean that every former resident will suffer from health problems, the professor did point out that further information is needed from the national and local governments.
The investigation was carried out by NHK and the Japan Association of Mesothelioma and Asbestos Related Disease Victims and their Families. According to the results, the 22,000 apartments included 8,700 units in public housing complexes that once contained spray-on asbestos, as well as units in city housing and UR housing where minuscule amounts of asbestos were used in spray-on materials. They did not have access to data on public housing complexes that have already been demolished, so the number could be higher than estimated.Read more
New life for old homes in Onomichi
On the hillside leading up to Senko-ji Temple in Onomichi City, Hiroshima, sits an old wooden house built between 1921 ~ 1923. Despite being registered as a national tangible cultural property in 2013, the historic home had been left empty to rot on the hillside for decades.
Luckily, a local non-profit organisation has stepped in to restore the old property and convert it into a guesthouse. Repairs will start this month, with completion expected by February 2016.
Growing market for secondhand apartments, but concerns linger
Despite the preference that Japanese have for all things new, secondhand apartments are growing in popularity and more and more developers are getting involved in renovations and apartment flipping.
According to REINS, 36,432 secondhand apartments were sold in greater Tokyo in 2013, up 16% from the previous year. Over the same period, 44,886 new apartments were sold, up 29% from 2012.
There are three main reasons for the recent growth in the secondhand apartment market: Read more
MLIT White Paper on home ownership
On July 2, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released their 2012 White Paper. The theme of the report explored the living situations and demographics of Japan's younger generation.
Home Ownership
Home ownership rates in Japan shrunk between 1983 and 1998, but began to pick up in 2008. The average rate across all age groups is around 60%.Read more