News New Tokyo condos limit ownership to residents only

thomas · 3 Dec 2024

Good to see parasitic speculation curbed:

Japanese real estate developers are taking steps to discourage speculation in the new condominium market. To prevent investors from buying units solely for resale, they are introducing "residents-only" condos. Sumitomo Realty & Development is a prime example, imposing a five-year resale ban on units in two Tokyo wards. Buyers who violate this rule without a valid reason risk having their contracts nullified. This strategy comes as investor interest in new condos surges, driven by rising property prices.

The company's Nakamura Takahiko says: "We hope to provide units to people who want to live there over a longer period, not to buyers with speculative motives." Nomura Real Estate Development put a high-rise condo on sale in October and limited purchases to two units per buyer. The company aims to give many people a chance to buy into the residence, which is conveniently located within commuting distance from Tokyo.

New 'residents only' condos in Tokyo deter speculators | NHK WORLD-JAPAN News

Japanese real estate developers are trying to deter speculators from snapping up new condominiums as their prices rise. They're offering units that are aimed at residents only.

www3.nhk.or.jp

The average price of new condominiums in the greater Tokyo area surged in October, boosted by rising construction costs and an increase in the number of pricey high-rise condos. The Real Estate Economic Institute, a private think tank, says the average price in Tokyo, Kanagawa, Saitama and Chiba prefectures stood at over 92 million yen, or nearly 600,000 dollars. That marks an increase of 40.7 percent from a year before. The figure for Tokyo's central 23 wards was 129.4 million yen. The number of units put on the market rose 23.4 percent to 1,833.

Price of new condos in greater Tokyo surges in Oct. | NHK WORLD-JAPAN News

The average price of new condominiums in the greater Tokyo area surged in October, boosted by rising construction costs and an increase in the number of pricey high-rise condos.

www3.nhk.or.jp

musicisgood · 3 Dec 2024

Good and they shouldn't let foreigners by the land also and the water rights in Hokkaido.

Lothor · 3 Dec 2024

That really is good news. Too many cities have become enclaves for the rich, with people on ordinary incomes being pushed out because of high house prices (which also influence the cost of renting), London being a prime example.

Petaris · 3 Dec 2024

musicisgood said:
Good and they shouldn't let foreigners by the land also and the water rights in Hokkaido.

I wouldn't agree with that broad of a restriction. I think foreigner's should be able to buy as long as they are also living there. That would limit the issues while not restricting people just based on their nationality.

News New Tokyo condos limit ownership to residents only

thomas

Unswerving cyclist

New 'residents only' condos in Tokyo deter speculators | NHK WORLD-JAPAN News

Price of new condos in greater Tokyo surges in Oct. | NHK WORLD-JAPAN News

musicisgood

Sempai

Lothor

Freelance proofreader

Petaris

Sailing away...

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