Sales in Shibuya condo to start this month
Domestic sales in The Parkhouse Shibuya Nanpeidai are scheduled to start at the end of this month, with 35 units on offer.Pre-sales to overseas investors in Hong Kong started in 2017. The 10-storey condominium is located a 7 minute walk from Shibuya Station and 300 meters from Cerulean Tower. This is the first new condominium to go on sale in the Nanpeidai address in 11 years.
Tokyo to buy National Children’s Castle
The Tokyo Metropolitan Government is in talks to buy the National Children’s Castle building and land in Shibuya from the national government. The once popular arts and entertainment complex closed its doors in 2015, ending 30 years of operations.Read more
Japan’s whole building renovation market doubles this decade
It has often been said that Japanese consumers prefer new construction over old. However, this way of thinking has started to change over the past few years with home buyers turning their attention to the existing home market. In 2016, sales of existing ‘second-hand’ apartments in greater Tokyo exceeded those of brand-new apartments for the first time ever. This has not gone unnoticed by Japan’s major real estate developers, who, once focusing solely on new construction, are now entering the growing renovation market. 15 of the top 20 developers are already active in this market.
Average apartment rents in Tokyo increase for 8th month
According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,481 Yen/sqm in July, down 0.1% from the previous month but up 5.4% from last year. This is the 8th month in a row to see a year-on-year increase. The average apartment size was 55.40 sqm and the average building age was 18.9 years.Read more
Japan land prices increase in 95% of locations, beating previous record
According to the quarterly LOOK Report published by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), land prices in Japan’s major cities in the second quarter of 2018 have increased in 95 of the 100 surveyed locations. This is the highest share in the history of reporting, beating a previous record of 91 locations seen in the previous quarter.
A gradual trend of land price growth continues across major cities. In particular, commercial land around transport hubs in regional centers has seen land prices go from no movement to a slight increase. In Tokyo, residential land prices in Bancho, Tsukuda / Tsukishima and Kichijoji have also shifted to an increasing trend.Read more
Japan Property Price Index for April 2018
On July 25, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released the Japan Property Price indexes for April and for the first quarter of 2018. Japan’s Residential Property Price Index in April was up 2.3% from the previous year, while residential land was down 0.6%. Detached homes were up 0.9%, while apartments were up 4.4%.Read more
Most expensive apartment building in the Kansai region to go on sale
A record-setting luxury condominium in Ashiya City, Hyogo, will soon go on sale. Branz Ashiya The Residence is a 15-unit building with apartments priced between 200 ~ 500 million Yen (1.8 ~ 4.5 million USD). With an average price of 1,850,000 Yen/sqm (approx. 1550 USD/sq.ft), this will be the most expensive apartment building to go on sale across the Kansai region this century, wiping out a previous record set in Kyoto in 2015.Read more