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Japan’s most expensive apartment building reaches completion in Roppongi

Japan’s most expensive apartment building reaches completion in Roppongi

Last year, the quiet sale of a 5.5 billion Yen (approx. 50 million USD) apartment in central Tokyo broke price records. This was the most expensive apartment to have ever been sold in Japan, exceeding the previous record of 4.4 billion Yen paid for a penthouse apartment in Domus Minamiazabu during the bubble era in the late…

Kyoto is considering a tax on holiday home owners

Kyoto City is looking into introducing a tax on holiday home owners. In recent years, the number of out-of-town buyers of homes and apartments in the historic city has grown. The homes sit empty for most of the year while the owners do not provide much in the way of tax revenue, leaving locals to…

Average apartment rent in April 2017

Average apartment rent in April 2017

According to Tokyo Kantei, the average monthly rent of a condominium apartment across greater Tokyo in April 2017 was 2,654 Yen/sqm, down 1.0% from the previous month and down 0.5% from last year. The average apartment size was 60.29 sqm and the average building age was 20.2 years. In the Tokyo metropolitan area, the average…

88-yr old building on 2.6 hectare site in Minato to be sold

88-yr old building on 2.6 hectare site in Minato to be sold

Japan Post Insurance is selling their former Tokyo Service Center building and land in Mita, Minato-ku, Tokyo. The potential sale price and date has yet to be confirmed, although it is expected that the property will be offered for sale by tender. With land of this size, the eventual sale price is likely to be…

Temple to develop boutique hotel-style accommodation

Temple to develop boutique hotel-style accommodation

Eihei-ji, a buddhist temple in Fukui Prefecture, is developing boutique hotel-style accommodation facilities within temple-owned land. The 18-room hotel will be able to host up to 72 guests in Japanese/Western-style rooms. Guests will be able to experience zazen seated meditation and traditional vegetarian cuisine. The hotel, which is scheduled to open in late 2019, will…

Tokyo apartment sale prices increase for 55th month

Tokyo apartment sale prices increase for 55th month

According to REINS 3,163 second-hand apartments were sold across greater Tokyo in April, down 15.0% from the previous month and down 4.0% from last year. The average sale price was 32,450,000 Yen, up 3.2% from the previous month and up 11.2% from last year. This is the first time since December 2014 that year-on-year double-digit growth…

Tokyo office rents increase for 40th consecutive month

Tokyo office rents increase for 40th consecutive month

According to Miki Shoji’s Office Report, the office vacancy rate in Tokyo’s five central business districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya was 3.39% in April 2017, down 0.21 points from the previous month and down 0.84 points from last year. This is the lowest vacancy level seen in 9 years. The vacancy rate…

Average discount of an apartment sold in 2016

Average discount of an apartment sold in 2016

According to Tokyo Kantei, in 2016 approximately 40% of second-hand apartments in the greater Tokyo area sold within a month of listing, and at an average discount of 3.00%. Two-thirds of apartments sold within the first three months of being listed. Almost a third of the apartments that sold within a month of being listed…

Tokyu acquires Kyu-Karuizawa Hotel

Tokyu acquires Kyu-Karuizawa Hotel

Tokyu Fudosan Holdings has acquired the Kyu-Karuizawa Hotel for an undisclosed price at the end of March. The seller was an offshore company. Tokyu is expanding into the luxury hotel market in anticipation of growing demand from foreign tourists. They are also planning to open a hotel in Okinawa in a joint venture with NTT Group….

Real estate investors: Beware of sales talk

First-time property investors across Japan are starting to find themselves with poor performing investments that don’t meet what they were promised by salespersons. Despite cashflow-positive claims made at investor seminars, some buyers are finding out that their rental property is running in the red, which means they pay cash out of their own pocket each month…

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