The former Kokusai Akasaka Building will be replaced with a 32-story office tower. The new building will have a floor area of 73,000 sqm (approx. 785,000 sq.ft).
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Apartment rents in greater Tokyo climb 4.5% in 2019
The average monthly rent for a condominium-type apartment across greater Tokyo in 2019 was 2,886 Yen/sqm, up 4.5% from 2018. This was primarily due to an increase in rents within the Tokyo metropolitan area, while Yokohama City saw rents fall.
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Remaining apartment inventory in Tokyo drops for first time in 27 months
According to REINS, a total of 2,810 second-hand apartments were reported to have sold across greater Tokyo in December, down 11.5% from the previous month and down 5.9% from December 2018. New listings dropped for the 4th month in a row, with a 7.4% drop from the previous year.
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Hiroshima to demolish historic warehouses
Hiroshima Prefecture plans to demolish two of four historic warehouses in Hiroshima City. The 100+-year-old buildings survived the 1945 atomic bombing and are of significant importance to the city’s history.
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Tax depreciation on overseas real estate to end in 2021
Investing in highly-depreciable real estate overseas will quickly lose its appeal for Japan-based investors as the Japanese government closes a tax loophole.
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Nagano ski field closes due to lack of snow, skiers, buyers
The Iizuna Kogen Ski Area in Nagano will close in March due to a declining domestic ski industry and a lack of snow. Nagano City has had no luck finding anyone interested in taking over the 60 hectare ski fields.
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Nintendo to convert former Kyoto HQ into boutique hotel
The 90-year old former headquarters of Nintendo will be converted into a boutique hotel. The conversion project will see the historic building refurbished into a 20-room hotel with a restaurant, and guest gym and baths.
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Sales in Park Tower Kachidoki to start in June 2020
The latest high-rise apartment project on Tokyo Bay will go on sale from June 2020. Park Tower Kachidoki Mid and Park Tower Kachidoki South form part of a three-tower project on the manmade island of Kachidoki.
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The difficulty in selling a house with 1,000+ owners
With over 1000 owners, some heirs to a traditional townhouse in Kyoto have found themselves unable to sell.
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Okinawa’s housing starts drop for first time in 5 years
Housing starts in Okinawa in 2019 are likely to see the first decline in five years. Total starts between January and November 2019 dropped 9.4% from the same period in 2018 to 13,854 units. The biggest drop was seen in rental housing.
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