A forecast of new apartment prices between 2020 and 2025
on November 26, the Japan Real Estate Institute (JREI) issued their most recent medium-term forecast for new apartment prices in Tokyo’s 23 wards. In 2020, the average price is forecast to be 1,071,000 Yen per square meter (approx. US$956/sq.ft). This is a slightly higher revision from their earlier forecast issued last year.
A second LOOK at land prices since the pandemic
The Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) published their quarterly LOOK Report on November 19. With a survey point of July 1, this is the second report covering changes in land prices since the coronavirus pandemic took hold.
Quick real estate news summary for the week
Apartment rents in Greater Tokyo reach new high, new apartment supply up 67%, home loan tax deduction could soon apply to smaller residences, and Niseko to implement limits on hot spring drilling. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
100+ year old home in Shibuya saved from demolition
The historic former home of Tamanosuke Kume (1861-1931, a politician and civil engineer, will be relocated to a city-center location in Kume’s hometown of Numata, Gunma Prefecture. Demolition was initially scheduled to start on September 1, but the home has been spared thanks to the efforts of local preservationists.
Sale transactions might finally be approved for video conferencing
On October 12, the Nikkei Shimbun reported that the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) is considering making it legal to conduct part of the real estate sale transaction over video conferencing. Currently, the due diligence report, outlining all of the important details pertaining to the property, must be read aloud in person in front of the buyer before the purchase agreement is signed.
Telework trend delays Nagoya's 400-meter long office project
Nagoya Railroad, aka Meitetsu, has delayed the construction of a 400-meter long office tower for the Nagoya Station area citing high construction costs and a change in tenant demand as a result of the coronavirus pandemic.
Kyoto City may relax building height limits
Kyoto City is considering relaxing its strict building height limits on a case-by-case basis. Some locals, however, are concerned that could ruin the character of the historic former capital.