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First heritage de-listing for Kyoto City as 90-yr old bookstore is about to be demolished

First heritage de-listing for Kyoto City as 90-yr old bookstore is about to be demolished

Demolition of the 90-year old Heirakuji Bookstore in downtown Kyoto will begin this month as the owner can no longer afford to maintain the aging building. The building was registered as a National Tangible Cultural Property in 1998. The heritage listing will be removed due to the demolition of the structure. This is the first…

Hakone Fujiya Hotel to close for 2 years for earthquake retrofitting

Hakone Fujiya Hotel to close for 2 years for earthquake retrofitting

Last month, Hakone’s historic landmark Fujiya Hotel announced that they will be temporarily closing the hotel from April 2018 to conduct necessary earthquake retrofitting and refurbishment. The hotel will re-open in Spring 2020. Fujiya Hotel’s main building was built in 1891 and is registered as a National Tangible Cultural Property along with the Comfy Lodge,…

Average apartment rent in March 2017

Average apartment rent in March 2017

According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo in March was 2,681 Yen/sqm, up 0.6% from the previous month and up 3.6% from last year. The average apartment size was 60.35 sqm and the average building age was 20.0 years. In the Tokyo metropolitan area, the average monthly…

Sellers: Your agent is now required to present all offers

From April 1, 2017, real estate agents are now obligated to inform a seller when they receive an offer from a buyer. The revision to the Buildings Lots and Buildings Transaction Business Act (the law that governs real estate transactions in Japan) now includes a clause stating that a seller’s agent must promptly inform the seller, with whom…

Tokyo’s new apartment supply in March up 26.6%

Tokyo’s new apartment supply in March up 26.6%

According to the Real Estate Economic Institute, 3,408 new apartments were released for sale across greater Tokyo in March, up 47.5% from the previous month and up 26.6% from last year. 2,255 apartments were sold, resulting in a contract ratio of 66.2%, down 2.2 points from the previous month and down 1.4 points from last…

Chiyoda’s population reaches 36-year high

Chiyoda’s population reaches 36-year high

In April, the resident population in Tokyo’s Chiyoda Ward exceeded 60,000 for the first time since 1981. It reached 60,297 as at April 1, 2017, up 2.1% from the previous year. Approximately 4.5% of the residents are foreigners. In the first national census in 1920, the population was 220,000. The years following the Great Kanto…

HULIC wins bid for hotel development on historic site in Nara

HULIC wins bid for hotel development on historic site in Nara

Japanese real estate company HULIC has been selected to develop a hotel on a historic site within Nara Park. Nara Prefecture received bids from four companies during the month-long public tender process held in January 2017. The 1.3 hectare site was originally home to a sub temple, but sold off to private interests in the late…

80-yr old Osaka department store to be converted to luxury serviced apartments

80-yr old Osaka department store to be converted to luxury serviced apartments

The East Annex Building of the Takashimaya Department Store in Osaka’s Nipponbashi district may soon be refurbished and converted into high-end serviced apartments catering to foreign visitors. Takashimaya is expected to enter into an agreement with major Singapore developer CapitaLand later this year. The 7-story Renaissance-style building has a total floor area of 40,000 square…

Roppongi land sells for 15 billion Yen (135 million USD)

Roppongi land sells for 15 billion Yen (135 million USD)

A 2,200 sqm development site in Roppongi was sold by the local finance bureau at a public tender sale in February. The land sold to Mori Building for a reported 15.01 billion Yen (approx. 135.6 million USD). A total of 10 buyers submitted bids on the property. This sale price works out to approximately 6,823,000…

Central Tokyo apartment transactions reach 9-year high in March

Central Tokyo apartment transactions reach 9-year high in March

According to REINS, 3,719 second-hand apartments were sold across greater Tokyo in March, up 7.5% from the previous month and up 3.6% from last year. The average sale price was 31,450,000 Yen, down 0.2% from the previous month but up 2.9% from last year. The average price per square meter was 492,800 Yen, down 100…

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