In 2013, Japan’s real estate market began to awaken after a long slumber. This was later confirmed in March 2014, when the latest data on assessed land values (chika-koji) showed that commercial and land values in Tokyo, Osaka and Nagoya rose for the first time in six years.
Many real estate experts are suggesting that the real test, however, will be whether Lone Star Funds can offload the Meguro Gajoen banquet facility in Tokyo for the minimum asking price of around 110 billion Yen. Recent reports suggest that the Government of Singapore Investment Corporation are close to acquiring the property for 134 billion Yen.
Tokyo’s leading indicator of a market recovery can be seen in the Ginza district. With an assessed land value of 29,600,000 Yen per square meter, the land underneath the Yamano Music Ginza Store is the most expensive commercial land in Japan. It increased in value by 9.6% from the year before. Five of the ten commercial land survey sites with the highest gain in land values were located in Ginza.
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