The Tokyo Metropolitan Government is firming up plans to redevelop the former Tsukiji Fish Market in downtown Tokyo into an international conference and exhibition center. Earlier rumors had suggested the site could become a sports stadium, shopping mall or a food-based theme park.
The last vestige of Hotel Okura’s modernist presence is in line to be demolished as redevelopment plans surface for the Hotel Okura Tokyo’s annex (South Wing).
On January 26, Recruit Sumai Company released a ranking of the most expensive condominiums developed across Tokyo over the past 30 years. Not surprisingly, the most expensive apartments were all built during the bubble years in the early 1990s. The list is missing a few recent high-priced condos such as Toranomon Hills (3,000,000 ~ 4,000,000 Yen/sqm), Park Mansion Roppongi Hinokicho-koen (up to 10,000,000 Yen/sqm), and Branz Roppongi The Residence (2,800,000 Yen/sqm).
Price: ¥138,000,000 (approx. 1.24 million USD)
A traditional machiya for sale in central Tokyo? In the middle of Tsukiji? And a 4 minute walk to a subway line? Yes, yes and yes. Up for grabs is a 3-storey merchant house near the former Tsukiji Fish Market and just behind Hongan-ji Temple.
Japan is currently believed to be experiencing the longest consecutive economic expansion since the end of WWII. The Japanese government’s monthly economic report issued on January 29 noted economic expansion has continued for the past 74 months, starting in December 2012, beating a previous record of 73 months seen between 2002 and 2008.
Price: ¥620,000,000 (approx. 5.6 million USD)
A contemporary, architect-designed home in the trendy Shimokitazawa neighborhood in Tokyo is up for sale. The house, with a floor area of over 4,000 sq.ft, was designed by artechnic and built in 2018. Artechnic has received a lot of attention in design magazines for their ‘Shell’ house in Karuizawa.
Karatsu City in Saga Prefecture has purchased a former Yakuza office at a public auction. The city acquired the property at the request of both prefectural police and the prefectural bar association to prevent it from falling back into criminal hands.
A major online bank in Japan has found several cases of mortgage fraud where borrowers have lied on their loan applications in order to obtain low interest rate home loans on investment properties.
On February 5, Aman Resorts International announced that they will open Aman Kyoto on November 1, 2019. This will be the third Aman hotel to open in Japan. Aman had been eyeing Kyoto as a key destination for the hotel brand since 2006.
The average rent for an apartment in Tokyo’s 23 wards saw a 5.3% year-on-year increase in 2018 – the highest annual percentage increase in over 10 years. This was due in part to the fact that over 10% of the listings in the first half of the year were new construction. Newly built apartments tend to command higher rents than older ones, and can pull up the average. Average rents in Tokyo are now up 16% from their bottom in 2012.
