Nara’s hotel shortage continues
Despite having some idyllic and historic tourist attractions, for many years Nara Prefecture had the fewest hotel rooms in Japan. And while there have been several notable hotel openings in recent years to boost the much-needed supply, it has only managed to move up three spaces to rank 44th out of the country’s 47 prefectures.Read more
Japan’s supply of large luxury apartments is tiny
Japan’s luxury apartment market still appears to be undersupplied, with a report by Tokyo Kantei last week showing that just 0.02% of existing condominium-type apartments nationwide can be considered ‘premium’, i.e. over 100 m2.Read more
Akihabara high-rise project moving ahead despite opposition
A 170-meter tall mixed-use redevelopment may soon be going ahead for a multi-block site in Akihabara. To move forward with project planning, the required two-thirds approval was obtained from landowners last month.Read more
Properties we have sourced last month
This is a brief summary of some of the off-market properties we have sourced for clients over the past month. Supply remains thin, but we did unearth some good options.Read more
Historic Hilltop Hotel to close next year
On October 23, the operator of the historic Hilltop Hotel in Tokyo’s Chiyoda ward announced it will temporarily close from February 2024. The closure is to allow them to consider possible measures to deal wth the building’s age and deterioration.Read more
170m tall tower for north side of Iidabashi Station
Details of a 170-meter tall mixed-use project near Iidabashi Station have been announced. Construction of the Koraku 2 Chome South District Redevelopment is scheduled to start in 2026, with completion by 2030 ~ 2031.Read more
Tokyo rents up 12.1% Y-O-Y
As of September, the average monthly rent of a condo-type apartment in Tokyo’s 23 wards was 4,260 Yen/sqm, up 12.1% from last year, according to Tokyo Kantei. Recent rental growth has been steepest in buildings less than five years old, although there has been a rising trend amongst all building ages. This trend has only been evident in Tokyo, with newer buildings in Osaka and Nagoya seeing a decline or no change in rent.Read more