A 2.5-year closure to inbound travel hasn’t slowed investment in Niseko’s ski resort market with the Nikkei Shimbun reporting that the ‘Aspen of Asia’ has seen over 20 billion Yen (approx. US$138 million) in known real estate purchases by foreigners each year. The very recent weakening of the Yen this year is said to be contributing further to demand.
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The Teigeki, or Imperial Theatre, in Marunouchi will temporarily close in 2025 as the building undergoes redevelopment.
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Demolition of a local landmark in Kitasenju, Tokyo, is underway as the scaffolding goes up on a former eye clinic.
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Starting October 11, Japan’s inbound tourism restrictions introduced during the pandemic will be fully lifted with entry procedures returning to pre-pandemic norms. With inbound tourism about to kick into high gear, let’s take an updated look at the smaller hotels that have been listed for sale recently. A note to readers: you won’t find information published online about larger or higher quality assets available for purchase as information on those listings cannot be shared publicly.
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Apartment prices continue to rise in Tokyo’s 23 wards, with Tokyo Kantei reporting that the average asking price of a 70 sqm (753 sq.ft) second-hand apartment reached 68,840,000 Yen in August. This is a 0.6% increase from the previous month and a 7.1% increase from last year. It’s also the 26th month to see an increase. This may be partly due to the upcoming Autumn sales season – typically the second busiest time of the year for home sales.
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The number of brand-new apartments released for sale across greater Tokyo in August dropped 40.1% from last year to just 1,162 units. This time last year saw several large-scale projects hit the market as the capital was emerging from a state of emergency.
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The number of real estate foreclosure auctions held by the Tokyo District Court in the first half of 2022 was just 365, down from 407 in the same period in 2021.
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Sales in The Parkhouse Gran Sanbancho 26, the latest luxury condo for Chiyoda’s Bancho neighborhood, kicked off last week. This is the 8th project under Mitsubishi Jisho Residence’s ‘The Parkhouse Gran’ series of high-end apartment offerings.
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Japan’s Standard Land Price for residential land has increased for the first time in 31 years, according to the data released by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) yesterday.
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Details of a 180-meter high-rise for the eastern side of Shibuya Station have been published by the Cabinet Office. The Miyamasuzaka District Redevelopment will see a 33-story office and hotel tower built on the northern side of Miyamasuzaka Street.
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