Japan to reopen application process for final two integrated resorts
The government is moving closer to selecting two additional locations for integrated resorts (IR) with casinos, with the Japan Tourism Agency announcing it will re-open the application process from May to November 2027. Now that construction of the IR project in Osaka is officially underway, other regions in Japan have expressed interest in hosting similar developments, especially with the strong inbound tourism growth.Read more
Town near Niseko to acquire 11ha of land
Kyōgoku Town in Hokkaido has agreed to acquire 11.6 hectares of land from a private owner for 116 million Yen (approx. 743,000 USD) in an effort to protect its natural water resources from any potentially damaging development. This follows a recent case where the nearby town of Niseko found itself in a court battle with a former owner of a 16-hectare parcel of land that was supplying 80% of the town’s water supply, and another case of illegal resort development in a forested area in Kutchan.Read more
Tokyo’s apartment rents increase 15% to historic high
The rising cost of housing continues to be felt in Tokyo with the average asking rent of a condominium-type apartment reaching 4,900 Yen per square meter in November, up 0.7% from the previous month and up 15.1% year-on-year. This is the highest level seen since Tokyo Kantei began reporting data in 2004.Read more
Nagoya Station redevelopment project scrapped
Nagoya Railroad announced on December 12 that it is putting its plans on hold for the major redevelopment project of the Nagoya Station due to labour and construction costs. This joins a growing list of development projects across Japan that have been scaled back or scrapped due to rising construction costs.Read more
Real estate giant enters agri-development space
As part of the expansion of its real estate development activities, Nippon Steel Kowa Real Estate (NSKRE) is entering the agricultural sector through its newly-established Nippon Steel Kowa Real Estate Agri, a joint venture with Nihon Agri, Inc. The first project will see five hectares of company-owned land in Muroran, Hokkaido, transformed into a high-density apple orchard. Down the track it will expand across wider regions and with a more diverse range of crops.
Why would a real estate company enter the farming space?Read more
Proposal to introduce tax on vacant homes
On December 11, the opposition Democratic Party for the People independently submitted a bill to the House of Representatives that would impose a tax on the owners of homes and apartments that are vacant. This is in response to growing concerns over speculative investment causing housing affordability issues in Japan’s major cities.
The proposal would allow municipalities to levy taxes on owners of unoccupied housing in urban cities, such as Tokyo, and resort regions, with the tax amount to be based on land values. It also includes a higher income tax and corporate tax rate to be charged on properties sold within two years of purchase.Read more
Kutchan requesting expansion of building restriction districts
The discovery of an illegal resort development at the foothills of Mount Yotei has led the town of Kutchan in Hokkaido to look into expanding land zoning restrictions to prevent further unregulated construction.Read more