Posts Tagged “Sendai City”

New apartment prices in Sendai City fall 5% in the first half of 2017.

New apartment prices in Sendai City fall 5% in the first half of 2017.

According to DG Communications, the average price of a new apartment in Sendai City in the first half of 2017 was 42,940,000 Yen, down 4.8% from last year.  The average price for the year of 2017 is also expected to decrease from last year, marking the first decline since 2011. Following the 2011 earthquake, a…

Developer gives up on redevelopment plans near Sendai Station

Developer gives up on redevelopment plans near Sendai Station

Tokyu Land have abandoned redevelopment plans for the West Exit of Sendai Station due to low profitability forecasts. The land was acquired during the market peak in 2006~2007. Tokyu sold their 80% share of the land under the Sakurano Department Store to a fund in December 2014. At the end of August 2015, they sold 1,095…

New apartment prices in Sendai 20% higher than bubble era

New apartment prices in Sendai 20% higher than bubble era

New condominium prices in the Sendai area continue to surge, with the average price in the first half of 2015 increasing by 10% from the previous year to 42,620,000 Yen (343,000 USD). This price is now around 40% higher than pre-Tohoku earthquake prices and 20% higher than prices during Japan’s asset price bubble in the…

Miyagi Prefecture’s vacancy rate set to rise

Miyagi Prefecture’s vacancy rate set to rise

Local governments in Miyagi Prefecture are paying close attention to vacancy rate trends as demand for temporary housing following the Tohoku disaster is expected to be short-lived. The prefecture has a vacancy rate of 9.4%, making it the lowest in Japan and the only prefecture with a single digit vacancy rate. The low number of…

Residents suing developer for landslide damage

Residents suing developer for landslide damage

Residents in Aoba-ku, Sendai, are suing the developer of their subdivision for 200 million Yen in compensation after their homes were destroyed by landslides in the 2011 Tohoku Earthquake. 8 residents from five households in the Minamiyoshinari area in Aoba-ku (map) are claiming that the Sumitomo Mitsui Construction and Mitsui Home failed to adequately prepare…

Sendai’s property bubble

Sendai’s property bubble

Somewhat sensationalist magazine Nikkan SPA has reported that Sendai is experiencing a property bubble brought on by the reconstruction work following the Tohoku disaster.

Accommodation shortages creating headaches for businesses in Miyagi and Iwate

Accommodation shortages creating headaches for businesses in Miyagi and Iwate

The disaster-hit Tohoku region is experiencing a severe shortage in rental accommodation and local real estate companies are hurting. “Despite inquiries increasing day by day, we have no properties on our books. We have clients in our office but no properties to show them. Our revenues are plummeting.” – President of a property management company…

An update on building damage from the Tohoku earthquake

An update on building damage from the Tohoku earthquake

Just after the March 11 Tohoku earthquake it was announced that zero buildings had collapsed, which everyone naturally assumed was a testament to the strict building codes in Japan. However, it has now been acknowledged that 100 apartment buildings in Sendai city have been completely destroyed.

Foreign fund sells Sendai hotel

Foreign fund sells Sendai hotel

A business hotel developer and operator called Shogetsu Sangyo announced that they have purchased Hotel Hokke Club Sendai from a foreign fund.

100 condominiums in Sendai City need rebuilding

100 condominiums in Sendai City need rebuilding

In Sendai City, a condominium that was seriously damaged by the March 11 Tohoku Earthquake is scheduled to be demolished. Sunny Heights Takasago is a 14-storey apartment building with 189 units. The earthquake damaged the foundations and the building began to lean at a dangerous angle, threatening neighboring buildings. Demolition is scheduled to begin by…

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