Nara Dreamland foreclosed

Nara Dreamland 1

Before Tokyo Disneyland there was Nara Dreamland - a Disney-themed park in Nara Prefecture that closed in 2006 and has since become a popular spot for urban explorers. Due to unpaid property taxes, Nara City is planning to put the property up for public auction soon. 

Nara Dreamland was opened in 1961 by Nihon Dream Kanko. After meeting with Walt Disney at California's Disneyland Park,  Nihon Dream's president Kunizo Matsuo expressed a desire to build a similar theme park in West Japan to cater to Japanese. Disney was apparently okay with this idea and sent some experts to Japan to advise on park design. While Nihon Dream claimed to have a franchise agreement in place, Disney later denied any official affiliation as they could not come to an agreement on franchise fees.

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by Zoe Ward

February rental data - Tokyo Kantei

According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo in February was 2,563 Yen/sqm, down 0.4% from the previous month but up 1.1% from last year. The average apartment size was 59.31 sqm and the average building age was 19.0 years.

The average rent in Tokyo's 23-ku was 3,149 Yen/sqm, up 0.1% from the previous month and up 2.6% from last year. The average apartment size was 56.23 sqm and the average building age was 17.5 years.Read more

by Zoe Ward

Final chapter for Tokyo's Chongryon HQ

Chongryon HQ TokyoRather than hold a third auction, the Tokyo District Court announced plans to sell the foreclosed Chongryon headquarters in Chiyoda-ku, Tokyo to a real estate company from Takamatsu City in Kagawa Prefecture. If there are no problems with Marunaka Holdings' paperwork, the final decision regarding the sale will be made on March 24.Read more

by Zoe Ward

Secondhand apartment sales in February - REINS

According to REINS, 3,311 second-hand apartments were sold across greater Tokyo in February, up 23.2% from January but down 0.2% from February 2013. This is the first time in 18 months where the number of apartment sales have been lower than they were 12 months prior.

The Tokyo Metropolitan area was the only area to record an increase in year-on-year sales, while Kanagawa Prefecture recorded a 6.6% drop in sales figures.Read more

by Zoe Ward

12 investors suing their 'dates' after elaborate apartment sales scam uncovered on dating site

Twelve men and women are suing Tokyo-based real estate agencies, apartment sales offices and lending institutions for 200 million Yen in the Tokyo District Court after purchasing over-priced investment apartments at the suggestion of their dates met through online dating sites.

Their 'dates' turned out to be real estate agents who concealed their occupation and allegedly sweet-talked the plaintiffs into purchasing apartments. After settlement, however, their dates ceased all communications.Read more

by Zoe Ward

Residential yields and vacancy rates in Minato-ku - March 2014

According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in March was 5.5%, up 0.1 points from February. The average gross yield across Tokyo was 7.3%, down 0.1 points from the previous month.

The vacancy rate remains unchanged at 9.9% in Minato-ku and 11.0% across Tokyo.

The average asking price of a secondhand apartment in Minato-ku was 779,828 Yen/sqm as of March 1, up 2.7% from the previous month. The average asking price for land was 1,063,939 Yen/sqm, down 0.8%.Read more

by Zoe Ward

First apartment building for Osaka's Midosuji Boulevard

Midosuji OsakaAfter a recent relaxation of zoning rules, Osaka's Midosuji Boulevard will soon see its first apartment building. 

Sekiwa Real Estate Kansai - a subsidiary of Sekisui House - is planning have the mixed-use building completed by 2016. The building height is expected to be approximately 100m, with luxury rental apartments on the higher floors. Read more

by Zoe Ward