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Average apartment rent in July 2017

Average apartment rent in July 2017

According to Tokyo Kantei, the average monthly rent of a condominium-type apartment across greater Tokyo in July 2017 was 2,631 Yen/sqm, up 0.5% from the previous month but down 0.8% from last year. The average apartment size was 60.03 sqm and the average building age was 20.8 years. In the Tokyo metropolitan area the average…

New apartment prices in greater Tokyo up 16% from last year

New apartment prices in greater Tokyo up 16% from last year

According to the Real Estate Economic Institute, a total of 3,426 brand-new apartments were released for sale across greater Tokyo in July, up 50.0% from the previous month and up 3.3% from last year. 2,465 apartments were sold, resulting in a contract ratio of 71.9%, up 8.6 points from last year and above the 70.0%…

Restauranteur planning hotels for Karuizawa and Nasu

Restauranteur planning hotels for Karuizawa and Nasu

Restaurant and wedding function company, Hiramatsu, has announced plans to open an additional two auberge-style resorts in Karuizawa and Nasu. Both resorts will have around 30 guest suites and are scheduled to open in 2020. The Karuizawa property is located on a 53,000 sqm site of leased land in Miyota Town, just west of Karuizawa….

Renovated machiya guesthouse in Kyoto makes 1 million Yen in first month

Renovated machiya guesthouse in Kyoto makes 1 million Yen in first month

A renovated guesthouse located just 7 minutes from Kyoto Station has made a gross turnover of 1 million Yen (approx. 9,150 USD) in the first month of operations. Yadoru Kyoto Washi-no-Yado is a 102-year old traditional Kyoto machiya-style townhouse that was given a full renovation and converted into a holiday rental. The occupancy rate for…

287m tall high-rise planned for Nihonbashi

287m tall high-rise planned for Nihonbashi

Details on the Nihonbashi 1 Chome Central District Redevelopment have been announced. The project will include a 287m tall high-rise with office, hotel and serviced apartments, as well as several low-rise retail, office and residential buildings. The high-rise tower will be taller than Tokyo Midtown (248m), Toranomon Hills (247m) and the Tokyo Metropolitan Government Building…

Tokyo apartment sale prices increase for 58th consecutive month

Tokyo apartment sale prices increase for 58th consecutive month

According to REINS, 3,304 second-hand apartments were sold across greater Tokyo in July, down 0.9% from the previous month but up 3.6% from last year. The average sale price was 31,600,000 Yen, down 0.06% from the previous month but up 5.4% from last year. The average price per square meter was 494,800 Yen, down 0.3%…

Luxury condo to replace Yoyogi Terrace Apartment block

Luxury condo to replace Yoyogi Terrace Apartment block

Foretseine, a subsidiary of Mori Trust, will be demolishing the vintage Yoyogi Terrace Apartment rental building in Shibuya and replacing it with a luxury condominium. Details on the project, including the construction schedule, have yet to be announced, but it is expected that the new building could be completed by 2020.

Sankei Building to enter Kyoto machiya hotel business

Sankei Building to enter Kyoto machiya hotel business

On July 27, The Sankei Building Co., a Tokyo-based real estate company, announced that they will be entering the Kyoto machiya hotel business. Their first property is a traditional machiya merchant residence located a kilometer from Nijo Castle that is scheduled to open in April 2018. The two-story wooden residence has a total floor area…

100+ year old convent to be converted into luxury hotel

100+ year old convent to be converted into luxury hotel

On July 31, Mori Trust announced that they have acquired the historic former Maria-en Catholic nursery school in Nagasaki. Mori will restore the 119-year old building and convert it into an internationally-branded luxury hotel targeting wealthy foreign tourists with an opening scheduled for around 2022. Mori Trust operates 21 hotels across Japan, and this will…

32 million Yen lawsuit filed against illegal Airbnb hosts in Osaka apartment building

32 million Yen lawsuit filed against illegal Airbnb hosts in Osaka apartment building

The owners association of a condominium in Osaka’s Minami district have filed a lawsuit with the Osaka District Court seeking 32,670,000 Yen (approx. 300,000 USD) in damages from hosts providing illegal overnight accommodation in the building. According to the association, 5 of the 100 apartments in the 10 year old building have been rented out…

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