Toshiba sells historic residence in Shinagawa

Furniture company Nitori Holdings has acquired a historic residence in Tokyo from Toshiba. The home, which was used by Toshiba as a reception hall for guests, sits on a sprawling 6,400 sqm of grounds in the Nishi-oi address in Shinagawa.

The traditional Japanese house was built in 1941 for Keitaro Miho, the president of Japanese record label Nippon Columbia. It was transferred to Toshiba in 1953. The site was originally part of a larger castle-like estate, with some parts of the original foundation walls said to be remaining within Toshiba’s grounds.

Forecast of new apartment prices in Tokyo from 2018 onwards

The Japan Real Estate Institute (JREI) has issued an updated medium-term forecast for the price of brand new apartments in Tokyo’s 23 wards over the next seven years. Price predictions have been revised updwards from last year’s forecast. In 2018, average new apartment prices are expected to be 994,000 Yen/sqm, up 0.5% from 2017 and 4.4% higher than their previous forecast.

Second share house company files for bankruptcy

In the wake of a widening investment loan fraud scandal, a second share house company in Tokyo has filed for bankruptcy.

The company operated by developing and selling share houses to individual investors and then managing the properties on behalf of the buyers, offering high yields and guaranteed rents. However, as was the case with the other defunct share house operator that filed for bankruptcy last month, the vacancy rates of the share houses was higher than forecast and the company was not able to make the guaranteed rent payments to investors.

The most expensive districts in Tokyo to buy a new home or apartment

Tokyo Kantei has issued a ranking of the districts across greater Tokyo based on the average price of a brand new home or apartment in 2017.

Minato Ward

MINATO

In top spot for both lists was Minato ward in central Tokyo where a brand new house had an average price of 120,120,000 Yen (approx. 1.09 million USD) and an average floor area of 106.58 sqm (1,147 sq.ft). A new apartment had an average price of 140,450,000 Yen (approx. 1.28 million USD) and an average size of 75.02 sqm (807 sq.ft).

Tokyo apartment sale prices increase for 67th month

According to REINS, 3,237 second-hand apartments were reported to have sold across greater Tokyo in April, down 15.2% from the previous month but up 2.3% from last year. March is typically the busiest month of the year for apartment sales, so it is normal to see a drop in transactions in the following month. The average sale price was 33,640,000 Yen, down 0.1% from the previous month but up 3.7% from last year. The average price per square meter was 520,400 Yen, down 0.1% from the previous month but up 3.3% from last year. This is the 64th month in a row to see a year-on-year increase in sale prices.

1,679 apartments were sold in the Tokyo metropolitan area, down 15.4% from the previous month but up 4.4% from last year. The average sale price was 41,840,000 Yen, down 1.0% from the previous month but up 2.5% from last year. The average price per square meter was 689,300 Yen, down 1.8% from the previous month but up 1.6% from last year. This is the 67th month in a row to record a year-on-year increase in sale prices.

Price-Earnings Ratios for New Apartments in Tokyo in 2017

According to Tokyo Kantei, the price-earnings ratio (PER) for brand new apartments in the greater Tokyo region was 24.49 in 2017, down from a record high of 28.66 seen in 2016. A PER of 24.49 indicates a gross yield of approximately 4.04%. A PER above 20 will imply a gross yield below 5.00%. In this survey, 90% of locations had PERs of over 20.

The average price of a 70 sqm (753 sq.ft) new apartment in 2017 was 66,840,000 Yen, up 2.9% from 2016, while the average monthly rent was estimated at 224,905 Yen, up 2.5%.

Tokai Uni to rebuild modernist building on Yoyogi Campus

Tokai University is in the process of planning a redevelopment of their Yoyogi Campus in Shibuya’s Tomigaya neighborhood. The project may include the reconstruction of the No. 2 campus building – a cross-shaped modernist building that was designed by architect Mamoru Yamada and completed in 1958. Yamada was one of the pioneer’s of Japan’s modernist movement and a professor at Tokai University’s engineering department.

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