In 2018, reported transactions of second-hand apartments across greater Tokyo reached the highest record in history. There were 37,601 sales reported for the year, up 1.2% from 2017.
A town planning decision has been made for the Nishiazabu 3 Chome North-East District Redevelopment. The project will see a 200 meter tall mixed-use tower with residences, office, retail and a hotel. Construction is scheduled to start in 2020 with completion tentatively scheduled for 2025.
Kyoto’s modern architecture (buildings built from the Meiji period through to pre-war) is starting to disappear as developers grow increasingly keen on grabbing new sites for development.
According to the Real Estate Economic Institute, a total of 3,337 brand new apartments were released for sale across greater Tokyo in March, up 43.3% from the previous month but down 7.7% from last year. This is the third month in a row to see a year-on-year decline in supply.
Price: ¥113,200,000 (approx. 1 million USD)
This is a compact urban home designed by Yoshimura Junzo (1907-1997). Yoshimura got his start working at Antonin Raymond’s office before being transferred to Pennsylvania in 1940 for two years. He established his own architectural office after returning in the 1940s. His past clients have included the Rockefeller family and the Imperial Household. Yoshimura is one of Japan’s great modernist architects and his homes are often sought-after by collectors.
Work is well underway on the conversion of a historic and traditional residence in Gifu into a boutique hotel. The former Matsuhisa Residence was built 100 years ago by the operator of a successful wholesaler of Japanese paper materials. The residence was designed to accommodate guests and customers during the Meiji and Taisho eras. The two-story sukiya-style wooden house with tiled roof has a total of 12 tatami rooms, a tea room, and four warehouses. The buildings sit on 2400 sqm of land.
According to a survey carried out by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) in the first half of 2018, only 18% of transactions involved home inspections.
Between April and September 2018, a total of 5,932 home inspections were carried out across Japan. A total of 12,904 inspections were forecast for the year, almost double the number seen in 2017. Still, this amounts to less than 8% of the 169,000 existing home sales on an annual basis.
The owner of a 280-year old Inn in Muko City, Kyoto, has made an inevitable but unfortunate decision to demolish the historic property as maintenance becomes too costly.
According to REINS, 4,117 second-hand apartments were reported to have sold across greater Tokyo in March, up 18.2% from February and up 7.8% from last year. This is the 3rd month in a row to record a year-on-year increase in transactions. The average sale price was 34,900,000 Yen, up 0.3% from the previous month and up 3.6% from last year. The average price per square meter was 539,600 Yen, up 1.3% from the previous month and up 3.6% from last year.
A Tokyo-based real estate company has acquired a 91-year old townhouse in Tokyo’s Nihonbashi district with plans to refurbish it into an event space. Reservations will start from April 15.