Office vacancies increase for 13th month, Tokyo Midtown Yaesu to open in 2022, and 98 islands identified for foreigner-transaction reporting requirements. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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A Six Senses resort is coming to Niseko in 2024 ~ 2025. On April 8, the Hokkaido Shimbun newspaper reported that IHG Hotels & Resorts is planning the luxury hotel for the Hirafu district.
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Developer Samty Co., Ltd. announced some additional details on Shangri-La Hotel’s plan to open a luxury, low-rise hotel in Kyoto.
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Back in 1973, iconic modernist architect and a founder of the Metabolist Movement, Kisho Kurokawa, built a personal holiday home in the summer resort area of Karuizawa. Now, a crowdfunding venture is underway to raise funds to restore the unique home and make it available for holiday rentals.
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Tokyo Tatemono and Hotel Properties Limited are developing a 195-meter tall, 49-story mixed condominium and hotel high-rise just south of the Osaka / Umeda Station district. This will be the first high-rise development in Japan to have both the Four Seasons Hotel and a condominium in the same building.
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Shibuya office building sells for 6 billion Yen, Hilton to open in Miyakojima, Hankyu closes hotels, and Gifu and Mie both to see largest condo projects in history. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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Advertising giant Dentsu Group is selling off two large estates in Tokyo and Kamakura for a combined 30 billion Yen (approx. US$271 million) to an undisclosed buyer. The Tokyo property includes one of just two surviving Frank Lloyd Wright-designed homes in Japan.
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The onset of the pandemic and international travel bans in March 2020 saw occupancy rates in Japan’s hotels plummet. Resort hotels saw occupancy levels drop to just 3.3% during the State of Emergency in May 2020, while traditional ryokans weren’t far behind with 5.9% occupancy.
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The following is a selection of apartments that were reported to have sold in central Tokyo during the month of March 2021:
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One of the more well-known expressways in downtown Tokyo is about to be converted into an elevated pedestrian promenade and greenway, similar to the High Line park in New York City.
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