New apartment supply in Tokyo drops to lowest level since 1992

The supply of new condo-type apartments across greater Tokyo in the first half of 2019 has reached the lowest level seen since 1992. As land prices and construction costs continue to remain at high levels, developers have been putting the brakes on residential supply as buyers shift their attention away from expensive new construction. Last-minute demand prior to the increase in consumption tax from October did not materialize as anticipated. 

New apartment prices, meanwhile, have reached the highest level since 1991.

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Flat 35 Home Loan Report for 2018

On July 12, the Japan Housing Finance Agency released its annual report on Flat 35 home loans. The report gives us a look at what type of homes people are buying and how much they are spending on them. Let’s take a look at some of the interesting changes in borrowing that have taken place over the past 10 years.

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Resort plans shelved after 50 years

After half a century of sitting idle, city plans for a 174-hectare resort in Himeji will officially be shelved at the end of this month. The sprawling waterfront resort was going to have a marina, aquarium, hotel, shopping mall, 500 homes, and 3,600 apartments. 

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120m tall office tower for Shibuya Station area

A 120-meter tall office tower is planned for a site just behind the Shibuya Hikarie building in central Tokyo.

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91-yr old bathhouse converted to shared office

A Yamagata-based construction company has refurbished a traditional 91-year old bathhouse near Ueno, Tokyo, into a shared office, cafe, and event space. 

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Shangri-La buys land next to Nijo Castle

Good news coming out of Kyoto last week with word that Shangri-La Group has acquired a large development site on the northern side of Nijo Castle in Kyoto. The 4,700 sqm site is about 100 meters west of our restored machiya townhouse.

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Compliance rules relaxed for house-to-commercial conversions

On June 25, 2019, the Building Standards Act was revised. One of the interesting revisions was regarding the requirements that must be met when changing the use of an existing property. 

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Two new luxury boathouse rentals surface in Ine, Kyoto

Two more traditional boathouses in Ine, Kyoto, have been refurbished into luxury overnight accommodation.

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2011 disaster victims may soon see a hike in property taxes

Owners of vacant land in disaster-hit areas following the 2011 Tohoku earthquake and tsunami, and Fukushima Daiichi nuclear disaster may see a steep hike in their property taxes from 2022 onwards. 

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Tokyo second-hand apartment sales up 8.5% in June

According to REINS, a total of 3,490 second-hand apartments were reported to have sold across greater Tokyo in June, up 27% from the previous month and up 5.2% from last year. The average sale price was 33,610,000 Yen, up 1.1% from the previous month and up 1.3% from last year. The average price per square meter was 527,500 Yen, up 1.8% from the previous month and up 1.6% from last year. This is the 5th month in a row to see a year-on-year increase. The average age of an apartment sold was 21.96 years.

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