Bankruptcies continue at Japan’s ski resorts
Japan is seeing a growing number of ski resorts file for bankruptcy as warmer winters are causing less snowfall and shorter ski seasons. Over the past 20 years there have been 52 ski field operators file for bankruptcy. As global temperatures continue to rise, more closures are expected to follow.
Agency to call in fraudulently obtained Flat35 home loans
The Japan Housing Finance Agency has begun calling in Flat35-type loans that were fraudulently obtained by investors. These home loans are designed for owner-occupiers, not investors, offering borrowers a low, fixed-rate mortgage over the duration of the loan.
Okinawa’s military land attracting out-of-state investors
The percentage of land under Japanese and US military bases in Okinawa is increasingly being held by investors from outside the prefecture. As of 2018, 9% of the 44,523 landlords were located outside of Okinawa, a 3 point increase (or around 1.4 times the number of landlords) from 2012.
Kanazawa luxury condo sells out
A luxury condo development in Kanazawa, Ishikawa Prefecture, has sold out. The Residence Kanazawa forms part of a mixed-use project that includes the Hyatt House and Hyatt Centric Kanazawa Hotel.
Nationwide supply of new condos in 2019 hits 43-year low
The total number of brand-new condos supplied for sale across Japan in 2019 reached the lowest level since 1976. Supply dropped by 12.0% from the previous year to 70,660 units. The greater Tokyo region saw a 15.9% drop, while the Kinki region (which includes Osaka) saw a 13.9% drop. In 1994, annual supply peaked at 188,343 units.
International dispute sees Nagasaki property sit idle for a century
In Nagasaki’s former foreign settlement sits an overgrown lot filled with as many as 30 buildings, many of them abandoned and falling down. While vacant ‘akiya’ properties are not an unusual sight, this particular one is part of an ongoing international dispute between Russia and Ukraine over former Soviet property.
Fukui Prefectural Governor’s residence may soon be for sale
Fukui Prefecture is planning to sell off the official prefectural governor’s residence. The 26-year old building is showing signs of age and deterioration, while running costs are increasing. The property has been vacant for over a year as the current governor decided to live in their own personal home.