New apartment supply in Tokyo reaches 3rd lowest level in 43 years
The supply of brand-new apartments released for sale across greater Tokyo dropped to the third lowest level seen for the month of July in 43 years. According to the Real Estate Economic Institute, a total of 1,932 apartments were released for sale, down 35.3% from last year and close to the record low of 1,571 supplied in July 1976.
Orix to open 70-room hot spring resort in Hakone
On August 7, Orix Hotels & Resorts announced that they are opening a 70-room hot spring resort near Gora Station, Hakone, in late 2020.
Apartment redevelopment law may be further revised
The Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) is considering a further expansion of allowances to encourage the redevelopment of old condominium buildings. Under current legislation, if at least 80% of owners agree, a building that does not meet current earthquake codes can be sold off to a developer. The MLIT may extend the 80% vote to include buildings that have deteriorated exteriors and old plumbing.
Okinawa’s construction costs increase for 8th year in a row
According to Tokyo Shoko Research, the average construction cost in Okinawa Prefecture reached 224,800 Yen per square meter (approx. 193 USD/sq.ft) in 2018, up 0.6% from 2017 and the 8th year in a row to see an increase. Costs are approximately 36% higher than they were in 2010.
Luxury apartments planned for historic art deco building
Real estate developer Mitsui Fudosan Residential is planning a large-scale, luxury apartment project for the former Tokyo Service Center building in central Tokyo.
120-yr old Mitsui Besso in Karuizawa at risk of demolition
The recent sale of the original Karuizawa holiday home of Saburosuke Mitsui (1850-1912) to a buyer from an offshore tax haven has locals worried the historic house may soon be demolished.
Foreign funds return with force in 2019
With ultra-low interest rates and one of the highest yield gaps in international cities, foreign funds are increasingly turning their attention towards real estate in Tokyo and the rest of Japan.