Quick real estate news summary for the week
Hiroshima welcomes the region’s tallest apartment tower, housing starts drop in July, and a new flight route in Tokyo upsets tenants. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Historic ryokan in Gunma to be demolished this month
The Kazawa-kan Ryokan in Tsumagoi, Gunma, is scheduled to be demolished in the coming months. The traditional inn suffered serious damage due to a landslide caused by the Typhoon Hagibis in October 2019. Facing an astronomical repair bill and with the recent pandemic decimating the local tourism market, the 4th-generation owner made the difficult decision to cease operations.
Hotel investors seeking bargains in Okinawa
International travel bans and a State of Emergency have savvy investors on the hunt for distressed hotel sales in Okinawa. According to the Ryukyu Shimpo newspaper, desperate hotel and resort owners are finding plenty of demand from corporate investors from the mainland and even overseas.
Has Tokyo emptied out during the pandemic?
As residents in major cities around the world ponder moving to greener pastures, are Tokyo-ites doing the same thing? Are we seeing a mass exodus out of one of the world’s most livable cities?
Details released on luxury apartment project for Azabu Juban
More details have been announced for the redevelopment of a historic art deco building near Azabu Juban in Tokyo. Real estate giants Mitsui Fudosan and Mitsubishi Estate will be turning the site into over 1,000 luxury apartments.
Quick real estate news summary for the week
Apartment list prices in central Tokyo reach highest level in recent history, Ginza retail takes a hit, and new residential rental project to include exclusive co-working space. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Apartment transactions and sale prices continue recovery in July
Transactions and prices of second-hand apartments in greater Tokyo continue to improve as buyers return to the market. Monthly transactions in July were down just 2.4% from last year, ending a four-month run of double-digit declines. A total of 3,156 second-hand apartments were reported to have sold.