Homebuyer preferences change as pandemic continues, Nikko-branded hotel for Niseko, and Singapore funds see value in Japan’s logistics market. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Homebuyer survey on preference changes following pandemic
Real estate developer Open House conducted a survey of homebuyers in late October to compare shifts in buyer preferences before and during the pandemic. There was no noticeable change in the preferences for apartments (61.9%) versus detached homes (38.1%). What was noticeable was the location criteria, with central Tokyo’s six wards seeing a 6.4 point boost to 37.5%. Buyers are looking for properties with good sound-proofing, security, affordability, space, and earthquake-resistance.
Nikko hotel to open in Niseko in 2023
Hong Kong-based Pacific Century Premium Developments (PCPD) plans to open a 230-room Nikko hotel in their Niseko Hanazono Resort project in Kutchan, Hokkaido. In recent years, this area has been the go-to skiing destination in Asia for foreign tourists but the travel curbs imposed as a result of this year’s pandemic have hit the hotel industry hard. Some developers are re-assessing their reliance on foreign visitors, and switching their focus to the domestic travel market. The Nikko hotel will be located on the eastern side of the Park Hyatt that opened in January.
Singapore funds see value in Japan’s logistics market
Singapore’s Mapletree Investments is investing 43 billion Yen (Approx. US$412 million) in developing a logistics facility in Chikushino City, Fukuoka. The company recently purchased the 29-acre site . The warehouses will open in 2023 ~ 2024. CapitaLand is partnering with Mitsui & Co. Real Estate to develop a 24,000 sqm warehouse in greater Tokyo in late 2022. Logistics facilities are a highly sought-after asset class, with vacancy rates in the greater Tokyo area sitting at around 0.4%.
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