Apartment inventory continues to shrink in Tokyo
According to REINS, a total of 3,587 second-hand apartments were reported to have sold across greater Tokyo in February, up 3.1% from the previous month but down 4.3% from last year. The Tokyo metropolitan area saw an 8.8% year-on-year drop in transactions, while Saitama Prefecture saw transactions up 5.2%.
Quick real estate news summary for the week
Akihabara hotel reborn as a co-working space, Allianz buys more apartments in Tokyo, and Singapore REIT sells off serviced-apartment building near Tokyo Tower. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Osaka Metro loses millions on minpaku mansion
Osaka Metro Co., Ltd., the operator of Osaka’s metro transit system, has reportedly sold a ‘minpaku’-style short-term letting building at a loss. The apartment building was purchased in 2019 with the goal of opening it to foreign tourists from February 2021, but those plans have been abandoned due to the ongoing international travel bans.
City to demolish 86-year old house
Hanamaki City in Iwate Prefecture will be demolishing an 86-year old traditional house and former restaurant this year. Several attempts have been made at finding a suitable use for the existing building, but to no avail.
Proposal to make property title changes obligatory
Several legal reforms are under discussion that could see heirs obligated to update property titles following inheritance. These proposed changes are intended to make it easier to identify the owners of abandoned or unused land across the country.
Tokyo Apartment Sales in February 2021
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2021:
Quick real estate news summary for the week
Luxury brand opens retail alongside Omotesando Avenue, Kamakura museum bid withdrawn, and 40% of brokerages see drop in rental transactions in January and February. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.