Historic villa in Kyoto sold last month
A Kyoto-based asset management and real estate company acquired a historic ryotei-style restaurant in the city’s Higashiyama district in July.
Looking to buy a large apartment in Tokyo? This is why you might be having difficulty
Houses and apartments in Japan are typically on the small side. The standard size of a three-bedroom apartment might be around 70 sqm, and a two-bedroom apartment in the 50 ~ 60 sqm range. Detached homes might be under 100 sqm, spread over three floors and including the car park. There are larger homes and apartments to be found, but buyers need to be aware that the availability of these larger properties is very limited.
Tokyo office vacancy rates reach 6.28%
According to office brokerage Miki Shoji, the average office vacancy rate across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya, was 6.28% in July 2021, up 0.09 points from the previous month and up 3.51 points from last year.
Tokyo apartment inventory continues to decline while prices rise
According to REINS, the total number of second-hand apartments sold across greater Tokyo in July saw a year-on-year drop for the first time in five months, while the average sale price per square meter increased for the 15th month in a row.
How age affects house prices
One of the factors that affect the pricing of a home or apartment in Japan (and other countries) is the age of a building, with newer construction typically priced at a premium. This is because older homes and apartments can become out-of-date and lack the modern amenities, interior finishes and latest trends found in newer construction. All other things being equal, an old and tattered apartment from the 1960s with no elevator, insulation, and low ceilings is not going to sell for as much as a brand-new one built to the latest specs. Changes to earthquake-resistant construction methods over the decades make the price divide even more apparent in Japan.
Overseas buyers seeking hot spring ryokans
Offshore buyers are on the hunt for hot spring resorts and traditional ryokans in Shizuoka’s Izu Peninsula, according to a recent article in Diamond Online. The article quotes an onsen and hotel broker that received over 200 inquiries in May alone from buyers looking to acquire accommodation facilities across the country, with 70% of those looking for luxury hot spring ryokans around Izu, Hakone, and Mt. Fuji.
Tokyo Apartment Sales in July 2021
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of July 2021: