Archive For The “Kyoto” Category

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…

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…

New apartment price-to-income ratio drops for first time in 7 years

New apartment price-to-income ratio drops for first time in 7 years

According to Tokyo Kantei, the average price of a brand new apartment across Japan was 7.59 times the average annual income in 2016, down 0.07 points from 2015 and the first drop reported in 7 years. The price-to-income ratio across greater Tokyo was 10.68, down 0.31 points from 2015, and the first decline seen in…

New apartment prices in Kyoto drop as developers are forced out of city center

New apartment prices in Kyoto drop as developers are forced out of city center

The supply of brand new apartments in Kyoto City in the first half of 2017 increased by 21.7% from the same period in 2016, while the average sale price saw a steep drop of 24.1% to 43,280,000 Yen. The reason for the decrease in the price was due to intense competition for hotel development sites…

Kyoto’s most expensive rental apartments to open in 2018

Kyoto’s most expensive rental apartments to open in 2018

Kyoto’s most expensive rental apartment building is scheduled open in May 2018. The 5-storey La Tour Kyoto Higashiyama residence is being developed by Sumitomo Realty in the Higashiyama ward. It will be part of Sumitomo’s ‘La Tour’ brand of high-end rental apartments. The developer currently operates 20 La Tour buildings in central Tokyo, but this…

Kyoto’s tourism boom creates office shortage

With office vacancy rates in the 2% range, commercial tenants in Kyoto are reporting difficulty in finding new office space as the city’s supply of office buildings dwindles. This year, parts of Higashiyama, Nakagyo and Shimogyo saw rosenka land values increase by over 20%. Rising land values are being supported by the city’s booming tourist…

Lingerie company to start Kyoto machiya accommodation business

Lingerie company to start Kyoto machiya accommodation business

On May 30, Japanese lingerie company Wacoal Holdings announced that they will be starting an accommodation business that will feature Kyoto’s traditional machiya residences. From early 2018 onwards, the company plans to renovate old machiya into hotel-like guesthouses targeting tourists, with two or three machiya to open next year. Their goal is to manage 50 machiya over…

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…

2.2 Traditional machiya houses in Kyoto are demolished each day

2.2 Traditional machiya houses in Kyoto are demolished each day

Kyoto City is losing its traditional machiya townhouses at an alarming rate, with an average of 2.2 of these symbolic houses demolished each day. On May 1, Kyoto City announced that approximately 5,600 machiya have been demolished over the past seven years. In 2016, a survey found that there were 40,146 surviving machiya in the…

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…

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