B&B host ordered to pay landlord 700,000 Yen

The host of an illegal B&B operating out of an apartment building in Osaka has been ordered to pay 700,000 Yen (approx. 6,360 USD) in compensation to their landlord. The owner of the apartment building filed a suit in the Osaka District Court seeking 1,400,000 Yen from the tenant who was illegally subletting the apartment to tourists.

According to the landlord, the 41 square meter apartment was rented to a company based in Kyoto. The terms of the lease agreement limited the use of the apartment to residential only and prohibited any form of sub-leasing.

Tokyo apartment asking prices in April 2017

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment in greater Tokyo was 35,600,000 Yen in April, down 0.6% from the previous month but up 3.9% from last year. The average building age was 22.7 years.

In the Tokyo metropolitan area the average asking price was 48,410,000 Yen, up 0.5% from the previous month and up 2.1% from last year. The average building age was 22.1 years.

In Tokyo’s 23 wards the average asking price was 53,230,000 Yen, up 0.2% from the previous month and up 1.3% from last year. The average building age was 22.0 years.

In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya) the average asking price was 73,030,000 Yen, up 0.4% from the previous month and up 1.8% from last year. The average building age was 20.0 years.

Average apartment rent in April 2017

According to Tokyo Kantei, the average monthly rent of a condominium apartment across greater Tokyo in April 2017 was 2,654 Yen/sqm, down 1.0% from the previous month and down 0.5% from last year. The average apartment size was 60.29 sqm and the average building age was 20.2 years.

In the Tokyo metropolitan area, the average monthly rent was 3,158 Yen/sqm, down 0.7% from the previous month but up 0.1% from last year. The average apartment size was 57.69 sqm and the average building age was 18.4 years.

In Tokyo’s 23 wards, the average monthly rent was 3,321 Yen/sqm, down 0.6% from the previous month but up 0.4% from last year.

Tokyo apartment asking prices in March 2017

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment in greater Tokyo was 35,810,000 Yen in March 2017, down 0.1% from the previous month but up 5.8% from last year. The average building age was 22.5 years.

In the Tokyo metropolitan area the average asking price was 48,150,000 Yen, down 0.6% from the previous month but up 2.8% from last year. The average building age was 21.9 years.

In Tokyo’s 23 wards the average asking price was 53,110,000 Yen, down 0.3% from the previous month but up 2.5% from last year. The average building age was 21.8 years.

In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya) the average asking price was 72,770,000 Yen, up 0.1% from the previous month and up 1.8% from last year. The average building age was 20.1 years.

Prices in central Osaka have shifted to a downwards trend since July 2016. In March, asking prices were 37,060,000 Yen, down 1.5% from the previous month.

Average apartment rent in March 2017

According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo in March was 2,681 Yen/sqm, up 0.6% from the previous month and up 3.6% from last year. The average apartment size was 60.35 sqm and the average building age was 20.0 years.

In the Tokyo metropolitan area, the average monthly rent was 3,180 Yen/sqm, up 0.4% from the previous month but down 1.1% from last year. The average apartment size was 58.16 sqm and the average building age was 18.3 years.

In Tokyo’s 23 wards, the average monthly rent was 3,342 Yen/sqm, up 0.4% from the previous month but down 0.4% from last year. The average apartment size was 57.72 sqm and the average building age was 17.6 years.

80-yr old Osaka department store to be converted to luxury serviced apartments

The East Annex Building of the Takashimaya Department Store in Osaka’s Nipponbashi district may soon be refurbished and converted into high-end serviced apartments catering to foreign visitors.

Takashimaya is expected to enter into an agreement with major Singapore developer CapitaLand later this year.

The 7-story Renaissance-style building has a total floor area of 40,000 square meters (430,000 sq ft). It was was originally the Matsuzakaya Osaka Department Store and was built over two stages between 1934 and 1937. In 1966 it was sold to Takashimaya and has since been used as their office and archives.

Tokyo apartment asking prices in February 2017

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment in greater Tokyo was 35,830,000 Yen, up 0.4% from the previous month and up 6.7% from last year. The average building age was 22.5 years.

In the Tokyo metropolitan area the average asking price was 48,450,000 Yen, up 0.4% from the previous month and up 4.3% from last year. The average building age was 22.9 years.

In Tokyo’s 23 wards the average asking price was 53,280,000 Yen, up 0.2% from the previous month and up 3.2% from last year. The average building age was 22.1 years.

The average asking price in Yokohama City was 30,030,000 Yen, up 0.7% from the previous month and up 8.6% from last year. This list he first time since November 1997 that the asking price in Yokohama has exceeded 30 million Yen. The average building age was 23.8 years.

In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya) the average asking price was 72,680,000 Yen, down 0.2% from the previous month but up 2.2% from last year. The average building age was 20.4 years.

Japan’s residential land prices increase for first time in 9 years

For the first time in 9 years the nationwide koji-chika assessed land value for residential land across Japan increased from the previous year. In 2017, the residential land value increased by 0.022% from 2016. This is in contrast to a 0.2% decrease reported in 2016.

Of the 17,909 residential survey sites nationwide, 34% reported an annual increase in land values while 43% reported a decrease. The difference was particularly noticeable for land that was within walking distance to transport and shops compared to land that was further from the station and generally considered to be inconvenient. Residential land prices in regional areas decreased by 0.4%. This was the 25th year in a row to record a decrease, although the rate of decline has been shrinking for the past 7 years.

Average apartment rent in February 2017

According to Tokyo Kantei, the average monthly rent of a condominium-type apartment in greater Tokyo was 2,666 Yen/sqm in February 2017, down 0.6% from the previous month but up 5.5% from last year. The average apartment size was 60.09 sqm and the average building age was 20.4 years.

In the Tokyo metropolitan area the average monthly rent was 3,166 Yen/sqm, down 0.6% from the previous month but up 0.2% from last year. The average apartment size was 57.82 sqm and the average building age was 18.5 years.

In Tokyo’s 23 wards the average monthly rent was 3,328 Yen/sqm, down 0.1% from the previous month but up 0.6% from last year. The average apartment size was 57.23 sqm and the average building age was 17.8 years.

Japan’s new apartment supply in 2016 reaches 24-year low

The supply of brand new apartments released for sale across Japan in 2016 reached the lowest level seen since 1992. Transactions of second-hand apartments, however, reached a record high with sales up 6.9% in greater Tokyo and the highest level seen since record-keeping began.

According to the Real Estate Economic Institute,  a total of 76,993 new apartments were released for sale across the country, down 1.4% from 2015. This was the 3rd year in a row to see a year-on-year decline in supply.

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