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Real estate company reported to prosecutors for illegal BnB in Kyoto

Kyoto’s Economic Crime Investigation Division and the Ukyo Police Department have sent papers to prosecutors on a Nagoya-based real estate company under suspicion of illegally renting out a house in Kyoto City to tourists. A total of five people from the company, including the company president, are accused of acting as an intermediary for the…

The Parkhouse Shinjuku Gyoen has reached completion

The Parkhouse Shinjuku Gyoen has reached completion

Construction of The Parkhouse Shinjuku Gyoen, a 14-storey condominium located directly across the street from the Shinjuku Gyoen National Garden, reached completion last month. The building contains 52 luxury residences ranging in size from 55 ~ 100 sqm (592 ~ 1,076 sq ft). When sales began back in early 2016, apartments were priced from 64…

Tokyo Apartment Sales in October 2017

Tokyo Apartment Sales in October 2017

The following is a selection of apartments that were reported to have sold in central Tokyo during the month of October 2017:

Banks urged to take care when lending on investment properties

According to Japan’s Financial Services Agency’s Financing Report, the average vacancy rate for investment-grade apartment buildings is estimated to be around 7%. For ‘apaato’-type buildings less than 5 years old, the average vacancy rate was just 2.6%, but for a 10-year old building it was 7.1% and 11.6% for 20-year old buildings. As buildings age,…

Apartment development focusing on city centers as buyers shun suburbs

Apartment development focusing on city centers as buyers shun suburbs

In Tokyo’s 23 wards, 4.98% of the land is being used for condominium buildings, an increase of 1.02 points over the past 10 years. The ratio is higher in central Tokyo, with some districts having a ratio of around 9%, signaling a clear shift towards living closer to the office and city center. The report,…

New apartment prices in Sendai City fall 5% in the first half of 2017.

New apartment prices in Sendai City fall 5% in the first half of 2017.

According to DG Communications, the average price of a new apartment in Sendai City in the first half of 2017 was 42,940,000 Yen, down 4.8% from last year.  The average price for the year of 2017 is also expected to decrease from last year, marking the first decline since 2011. Following the 2011 earthquake, a…

Kyoto City might limit some Airbnb-type rentals to just January and February months

Kyoto City has started official discussions that may see Airbnb-type short-term rentals in certain residential zones limited to just the January and February months and for no more than 60 nights in total. Hosts looking to rent out places in primarily residential neighbourhoods in central Kyoto, including areas around Kinkaku-ji temple and Nanzen-ji temple, may…

The Parkhouse Nishi-Shinjuku Tower 60 reaches completion

The Parkhouse Nishi-Shinjuku Tower 60 reaches completion

Construction of Japan’s tallest apartment building based on total floor count has reached completion this month. The Parkhouse Nishi-Shinjuku Tower 60 is a 60-storey, 209 meter tall condominium located to the west of the Shinjuku business district. It may not keep its title as the tallest building based on floor count for long – two…

Apartment asking prices across greater Tokyo drop slightly in September

Apartment asking prices across greater Tokyo drop slightly in September

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) apartment across greater Tokyo was 35,550,000 Yen in September 2017, down 0.3% from the previous month but up 0.7% from last year. The average building age was 23.1 years. In Tokyo’s 23 wards the average asking price was 52,920,000 Yen,…

Residents in Kyoto neighborhood ban short-term rentals

Residents in Kyoto neighborhood ban short-term rentals

Residents of the Shimoseizoguchicho address in Kamigyo Ward, Kyoto, have received city approval for neighborhood bylaws that will ban Airbnb-style rentals, apartment buildings and enforce strict height limits. This is expected to be a model case for neighborhoods struggling with a rise in short-term accommodation facilities and apartment development.

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