New apartment price in Tokyo reaches highest level in history
The average price of a brand-new apartment released for sale across greater Tokyo in January has jumped 47% from last year and has reached the highest level seen since record-keeping began in 1973.
Hilton to bring LXR brand to Kyoto
On February 4, Hilton announced plans to open an LXR-branded luxury hotel in Kyoto. The resort will be located within the 28-acre Shozan Resort Kyoto on the site of a former bowling alley.
Remaining apartment inventory in central Tokyo drops for 2nd month in a row
According to REINS, a total of 2,680 second-hand apartments were reported to have sold across greater Tokyo in January 2020, up 0.5% from last year. The average sale price was 36,720,000 Yen, up 11.5% from last year. The average price per square meter was 562,900 Yen, up 9.4% from last year. This is the 12th month in a row to record a year-on-year increase in sale prices.
Apartments in Tokyo continue to shrink in size
Struggling to find a large apartment to buy in Tokyo? There’s a good reason for that.
Brand new apartments over 100 sqm in size supplied across greater Tokyo in 2019 accounted for just 1.9% of total supply. This is a slight improvement from the 1.3% share in 2018.
Chongryon branch in Kyoto up for foreclosure
The Kyoto branch of the General Association of Korean Residents in Japan (Chongryon), has been foreclosed on with public bidding to be held from February 13 ~ 20.
New housing starts drop 4% in 2019
New housing starts across Japan in 2019 dropped 4.0% from the previous year to 905,123 units. This is the third year in a row to see a year-on-year decline. This was primarily due to a tightening on lending for investment-type apartment blocks after a widespread loan fraud scandal came to light in 2018.
Another real estate company facing mortgage fraud allegations
The Nikkei Shimbun newspaper broke the story of yet another real estate company that is alleged to have been signing up buyers for home loans on investment properties. The news caused the company's share price to plummet by as much as a third in the week following the news report.