Several bumper years of growth for Japan’s hotel and tourism industry were brought to a swift end this year as foreign tourists were locked out by international travel bans. Domestic tourism also remains sluggish despite some efforts by the government to subsidize travelers.
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According to the Real Estate Economic Institute, the supply of brand-new apartments released for sale across greater Tokyo in August dropped 8.2% from last year to 1,669 units. This time last year saw the release of several hundred apartments in the Harumi Flag Athlete’s Village conversion project on Tokyo Bay.
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Almost a third of Osaka’s short-term ‘minpaku’ listings have been deregistered by their hosts since the start of the pandemic.
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The city of Fuchu in Hiroshima Prefecture will be purchasing a historic ryokan for an estimated 212.5 million Yen (approx. US$2 million).
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New hotel opens in Karuizawa, typhoon damage to Japan’s oldest apartment building, and office rents drop for the first time in 7 years. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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August was a bumper month for second-hand apartment sales in greater Tokyo. In fact, it was the busiest month of August since REINS began recording data in May 1990.
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Real estate developer Mori Trust will be opening the showroom for its latest luxury condominium in Tokyo on September 26. The low-rise condo is located near Yoyogi Park and the bustling Shibuya shopping district.
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The exterior and rooftop design for the newest retail complex at the crossing above Meiji-Jingumae Station in Harajuku has been released.
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The trillion-Yen Tokiwabashi Project, under development by Mitsubishi Estate near Tokyo Station, has had an exterior redesign and a few floors added. With an expected height of 390 meters, this will be Japan’s tallest building when completed in 2027.
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Investors re-start protests outside troubled bank, residential tenants change their priorities, and Kanazawa hotel projects feel the pain of the pandemic. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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