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.
City to demolish 86-year old house
Hanamaki City in Iwate Prefecture will be demolishing an 86-year old traditional house and former restaurant this year. Several attempts have been made at finding a suitable use for the existing building, but to no avail.
Proposal to make property title changes obligatory
Several legal reforms are under discussion that could see heirs obligated to update property titles following inheritance. These proposed changes are intended to make it easier to identify the owners of abandoned or unused land across the country.
Tokyo Apartment Sales in February 2021
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2021:
Quick real estate news summary for the week
Luxury brand opens retail alongside Omotesando Avenue, Kamakura museum bid withdrawn, and 40% of brokerages see drop in rental transactions in January and February. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Former ryokan in Gotanda to become 30-story condo
Asahi Kasei Realty & Residence Corporation is planning a 30-story apartment building for the site of a former ryokan in Gotanda, Tokyo. This property was at the center of a notorious land swindle in 2017 that saw another developer lose 5.5 billion Yen to fraudsters that pretended to own the land.
Recruit sells Ginza HQ Building
Human resources giant Recruit Holdings has sold its headquarters in Ginza to Hulic for an undisclosed amount. Recruit plans to lease back the office building after the sale.