Quick real estate news summary for the week
Apartment rents hit ceiling, serviced apartment building flipped within 6 months, and residents claim new high-rise to be defective. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
6-fold increase in new apartment supply across greater Tokyo
The number of brand-new apartments released for sale across greater Tokyo in May was 6-times the amount seen this time last year, according to the Real Estate Economic Institute. A total of 2,578 apartments were released for sale, up from just 393 in May 2020.
Ginza ryotei restaurant to be demolished
A major developer has acquired a traditional ryotei restaurant building in Ginza with plans to demolish it and replace it with an office tower.
Nakagin Capsule Tower to be demolished from March 2022
The iconic Nakagin Capsule Tower in Ginza, designed by the late and great Kisho Kurokawa, will reportedly be demolished from March 2022. After years of disagreement, the capsules owners decided to sell the 49-year old condo-style apartment building to a real estate company this spring. That company will demolish it and build something new in its place.
Central Tokyo apartment prices up 20%
The number of second-hand apartments sold across greater Tokyo hit the highest level for the month of May since record-keeping began in 1990. According to REINS, a total of 3,297 apartments were reported to have sold, up 94.9% from May 2020 (a time when much of the city and its brokerages had temporarily closed during the first State of Emergency).
Quick real estate news summary for the week
Real estate developer to offer vaccines to tenants, office vacancy rate hits 5.90%, and eruption hazard map for Mt. Fuji gets an update. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Hoshino Resorts to open 3 hotels in Kyoto this year
Boutique luxury hotelier Hoshino Resorts will be opening three hotels in Kyoto this year under their new OMO brand. The brand provides affordable city hotels targeting urban tourists.