Kajima eyes potential in Japan's luxury real estate sector
Last month, construction giant Kajima Corporation announced plans to enter the luxury sector of the real estate market, and has already kicked things off with the acquisition of two properties from British developer Grosvenor. Within the year, the company is also expected to complete the purchase of luxury housing to lease to wealthy domestic and foreign tenants.
Ultra-luxury hotel for Torch Tower
On November 8, developers Mitsubishi Estate and Tokyo Century Corporation announced that Dorchester Collection will be operating an ultra-luxury hotel in the 390-meter tall Torch Tower near Tokyo Station. The hotelier is owned by the Brunei Investment Agency and operates The Beverly Hills Hotel, Plaza Athénée in Paris, and The Dorchester in London, to name a few.
Apartment buildings taking longer to redevelop
There have been 282 documented cases of condominium-style apartment buildings rebuilt across Japan, according to a report published by Tokyo Kantei last month.
Japan’s most expensive resort towns
Wondering where the most expensive resort areas are in Japan? According to a ranking by proptech company PriceHubble on September 20, 2022, the beachside town of Hayama in Kanagawa Prefecture is top of the list with an average price of 410,000 Yen/sqm.
Tokyo Apartment Sales in October 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of October 2022:
Home loan interest rates rise in November
Three of Japan’s five mega-banks have increased the base interest rate on 10-year fixed-rate home loans issued in November. This is in response to shifts in the long-term interest rate.
Osaka to demolish 99-yr old official residence
The Osaka Prefectural government is considering demolishing the 99-year old official prefectural governor's residence. The historic home had been occupied by many governors over the past century but there have been growing concerns over its safety in the event of an earthquake.