There are deals to be had in the once pricey waterfront neighborhood of Urayasu in Tokyo Bay.
There are deals to be had in the once pricey waterfront neighborhood of Urayasu in Tokyo Bay.
Urayasu, along with Chiba's Mihama Ward, both in Chiba Prefecture, were among residential districts around Tokyo Bay that were hardest hit by the March 11 Great East Japan Earthquake.
Urayasu, a neighboring city to Tokyo once known as an urban development model, experienced substantial damage to a number of buildings and essential utilities.
The city had to deal with cracked sewers and ruptured gas pipes installed under public roads due to liquefaction across the city following the Great East Japan Earthquake.
Some of the utilities that were repaired on a temporary basis are still being used.
The average land value for the city dropped 7.1 percent year on year. The land value for Chiba's Mihama Ward declined 5.2 percent from last year.
"A growing number of people now feel there is a significant risk living in the bay area, particularly as a result of liquefaction," said a real estate analyst.
By contrast, Tokyo's Minato and Koto wards, despite their proximity to the bay area, were spared the worst of the liquefaction. As a result, they registered declines of only 2.1 percent and 1.6 percent, respectively, in land values.
Still, six months after the quake, condominium sales are picking up pace in Urayasu. Buyers are either local residents who decided to move or outsiders seeking good deals on housing.
"Prices for real estate that had not been affordable before the quake have dropped by about 10 percent," said a real estate operator based near JR Shin-Urayasu Station. "Many buyers are local residents, and the number of people buying is on the rise."
Meantime, there is growing interest in real estate in other parts of Tokyo as buyers put a premium on safety.
Compared to the average decline rate of 1.3 percent for the 23 wards of Tokyo, Musashino, which abuts the western part of Tokyo, only recorded a slight land value decrease of 0.2 percent, with Mitaka, Musashino's neighboring city, posting a 0.5 percent decrease.
Yuraku Real Estate Sales Co., a leading real estate agency, conducted an online survey in June of 300 people living in the Tokyo area who plan to purchase homes. Sixty-four percent of the respondents agreed with the statement, "There has been a change in my criteria for choosing a house after the quake."
A solid ground foundation ranked as the priority in selecting a home. Access to public transportation ranked second, down from first place in a previous survey.