According to REINS, 3,244 second-hand apartments were sold across greater Tokyo in September, up 40.9% from the previous month and up 0.7% from last year. The average sale price was 32,920,000 Yen, down 0.8% from the previous month but up 2.0% from last year. The average price per square meter was 513,900 Yen, down 1.4% from the previous month but up 1.4% from last year. This is the 69th month in a row to record a year-on-year increase in prices.
On October 1, real estate corporation HULIC opened their latest small luxury resort near Lake Kawaguchi. ‘Fufu Kawaguchiko’ is part of HULIC’s Fufu brand of luxury ryokans.
Niigata City is losing major retail players due to a declining population and a shift in consumer habits towards online shopping and larger suburban malls. On September 26, Isetan Mitsukoshi Holdings announced the planned closure of their Mitsukoshi Department Store in the city by March 2020. The closure is expected to worsen the decline in the city center’s retail district.
Katsuyama City in Fukui Prefecture has given up on their attempt to auction off a foreclosed pagoda and temple property due to a lack of buyers.
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.
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.
On October 3, LaSalle Investment Management, headquartered in Chicago, announced the purchase of Midosuji Front Tower in Osaka’s Umeda district through their Frontier Property LLC, signalling the end of the building’s 8 year vacancy. The sale price was not disclosed.
Midosuji Front Tower was completed in 2010. It has sat vacant ever since due to a dispute between the owners.
One of the early foreclosures of failed share houses developed as part of a wide-scale scam goes up for public auction next week. The minimum bid for the building and land is set at 23,672,000 Yen (approx. 205,000 USD), with results to be announced on October 25. Back in January, several share houses by a former Ginza-based share house developer were listed for public foreclosure auction, selling for around a third to less than a half of what the original investors would have paid for them.
On September 25, East Japan Railway Company (JR-EAST) published the details of their large-scale redevelopment plans for a 9.5 hectare site on the western side of the new station on Tokyo’s JR Yamanote Line between Shinagawa and Tamachi Stations.
According to Tokyo Kantei, the average price of a brand-new apartment across Japan was 7.81 times the average annual income in 2017, up 0.34 points from 2016 and exceeding the previous high of 7.64 seen in 1992. A total of 28 prefectures saw affordability of brand-new apartments worsen in 2017, up from 22 prefectures in 2016. In Kanazawa City, the supply of high-priced new condominiums pulled up the average for Ishikawa Prefecture to a multiple of 8.37, up 3.52 points from 2016.