Quick real estate news summary for the week
Office vacancy rate hits near-6 year high, Hotel Vista operator files for bankruptcy protection, Kyoto firms up plans on costly holiday home tax, and Fauchon opens first hotel in Japan. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
OYO exits short-term apartment rental business
OYO Hotels & Homes, the Indian hospitality chain, is backing out of their real estate rental business in Japan.
Why no one wants to live in the Prime Minister’s official residence
This 1920s mansion may just be the grandest 'akiya', or vacant house in Japan. The official residence of the Prime Minister was built in 1929 and has a total floor area of 7,000 sqm over three levels. Despite its significance, it has been unoccupied for the past nine years.
Buyer found for former Russian Consulate in Hakodate
Hakodate City in Hokkaido has decided on a buyer for the former Russian Consulate. Built in 1908, this is the only consulate remaining from the Russian Empire era, with the interior still retaining its elaborate and decorative details.
Apartment inventory continues to shrink in Tokyo
According to REINS, a total of 3,587 second-hand apartments were reported to have sold across greater Tokyo in February, up 3.1% from the previous month but down 4.3% from last year. The Tokyo metropolitan area saw an 8.8% year-on-year drop in transactions, while Saitama Prefecture saw transactions up 5.2%.
Quick real estate news summary for the week
Akihabara hotel reborn as a co-working space, Allianz buys more apartments in Tokyo, and Singapore REIT sells off serviced-apartment building near Tokyo Tower. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Osaka Metro loses millions on minpaku mansion
Osaka Metro Co., Ltd., the operator of Osaka’s metro transit system, has reportedly sold a ‘minpaku’-style short-term letting building at a loss. The apartment building was purchased in 2019 with the goal of opening it to foreign tourists from February 2021, but those plans have been abandoned due to the ongoing international travel bans.