Tokyo’s Chiyoda Ward to investigate vacant apartment issue
With home prices continuing to rise, Tokyo’s Chiyoda Ward is preparing to embark on an investigation into its vacant apartments, with the aim of increasing the supply of affordable rental housing by providing subsidies to property owners for renovation work on rental apartments.Read more
Mixed-use project announced for historic Uraga Dock in Yokosuka
Yokosuka City has decided on a developer for the historic Uraga Dock, announcing that Team Perry’s Group has been give preferential negotiation rights. The group has proposed a 100 billion Yen (approx. 650 million USD) project that will include apartments, a hotel, retail, sports center, and aged-care facility.Read more
City buys back land from Malaysian developer
Izumisano City in Osaka has bought back a two hectare land parcel it had previously sold to a Malaysian developer. The site was slated to be developed into a 50 billion Yen hotel and residential project, but stalled in the pandemic.Read more
Kitakyushu City looking for buyer of 88-yr old historic building
Kitakyushu City is looking for a buyer for a historic former office in a prominent location in the Mojiko tourist area, with bids starting from 93 million Yen (approx. US$620,000) for the building and land. The property is back on the market after a Hong Kong investment fund struggled to raise the necessary funds after winning the bid to lease the property in 2019.Read more
Tokyo rents peak as landlords seek lower rents on new-builds
The average advertised rent of an apartment in Tokyo's 23 wards was 4,809 Yen per square meter in September, down 1.0% from the previous month as landlords of new-builds adjust rents downwards to meet lower-than-expected tenant demand. This is the first monthly drop in 10 months.Read more
Inbound tourist numbers grow but per capita spending falls
Inbound visitor numbers have already exceeded 30 million, with a total of 31.65 million visitors to Japan for the year to September, as reported by the Japan National Tourism Organization. This is 17.7% higher than the same period in 2024. Despite the post school holiday lull and some typhoon-related flight impacts in east Asia, the monthly total for September saw a 13.7% year-on-year increase, reaching 3.27 million.Read more
Cheaper apartments see surge in tenant inquiries in Tokyo
With rents and consumer prices continuing to rise in Tokyo, tenants are increasingly seeking out more affordable housing options. This is evidenced by a steep increase in inquiries on 'apaato' compared with 'mansion' type rental listings.
According to real estate listing portal AtHome, inquiries on apaato-type listings in Tokyo's 23 wards for the month of July were up 59% year-on-year while those for mansion-type listings increased by 25%.Read more