Hokkaido sees 12% more offshore investors between 2019 and 2020
A survey by public broadcaster NHK has found that the there were 4,406 buildings and land parcels in Hokkaido owned by foreign funds and corporations as of January 2020. This is a 12% increase from 2019. Even with the international travel bans, some industry experts say acquisitions have continued throughout 2020 as foreign investors are confident that things will return to normal post-covid.
Quick real estate news summary for the week
Central Tokyo apartment asking prices hit new record high, new apartment supply drops 43%, and Omotesando retail flipped at 10% markup. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Nationwide supply of new apartments drops to 44-year low
The supply of brand new apartments released for sale across Japan in 2020 hit the lowest level since 1976. According to the Real Estate Economic Institute, a total of 59,907 apartments were released for sale, down 15.2% from 2019.
Tokyo records net outflow of foreign residents in 2020
According to the Tokyo Metropolitan Government Statistics Division’s report on population movements in the capital in 2020, the metropolitan area saw the total population grow by 8,600 residents (both Japanese and foreigners) over the year. This is the 25th year in a row to see a year-on-year increase. The total population in the metropolitan area reached 13,960,236 residents as of January 1, 2021, while the population of the 23 wards increased by 2,154 to 9,655,266 residents.
Nakano Sun Plaza to be redeveloped by 2028
Nakano Sun Plaza, a 48-year old hotel and concert building in Tokyo’s Nakano ward, will be demolished in 2024 and replaced with a new mixed-use building by 2028. The 181 billion Yen (approx. 1.7 billion USD) project will include a 235-meter tall mixed-use office and residential tower with a concert hall and hotel on the lower floors.
Aman Residences to adorn Toranomon-Azabudai high-rise
Major developer Mori Building has formed a partnership with Aman Resorts to create Aman-branded apartments on the upper floors of the Toranomon-Azabudai project currently under construction in central Tokyo.
Quick real estate news summary for the week
Sapporo’s oldest capsule hotel closes, apartment rents hit a record high, and Keio Plaza Hotel to offer monthly stays. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.