Quick real estate news summary for the week
UR acquires hotel in Harumi, LG sells office floor, and telework take-up sits at just 20%. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Former Hotel Pacific to be demolished
The mixed-use and oddly-named Shinagawa Goos building on the western side of Shinagawa Station officially closed its doors on March 31, ending 50-years of operations.
New apartment price/sqm in 2020 hits 30-year high
According to the Real Estate Economic Institute, the total number of brand-new apartments released for sale across greater Tokyo in 2020 increased for the first time in 3 years. 29,032 apartments were supplied, up 1.7% from 2019.
Iconic Nakagin Capsule Tower's final curtain call as decision made to sell
The iconic Nakagin Capsule Tower building in Ginza is reaching the final stages of its saga as the capsule owners have voted in favor to sell off the building and land leasehold rights. The few remaining residents will move out in the coming weeks, leaving the dystopian landmark empty and awaiting an uncertain fate.
Residents of luxury Tokyo high-rise ordered to move out
A major construction company is writing up a 9 billion Yen (US$83 million) extraordinary loss after a recently-built high-rise condominium in Tokyo was found to have some interior defects. All residents in the several-hundred unit tower will have to temporarily move out while these issues are repaired.
Quick real estate news summary for the week
Tokyo apartment rents reach new high, French restaurant near Tokyo Tower to be demolished, and apartment asking prices hit new record. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Listed companies offload real estate holdings in pandemic
A total of 76 companies listed on the Tokyo Stock Exchange reported the sale of real estate assets in 2020, up from 59 in 2019 and the first time to exceed 70 in four years. Total capital gains from the sales reached 441.6 billion Yen (approx. US$4 billion), the highest in 20 years.