A forecast of new apartment prices between 2019 and 2025
On May 28, the Japan Real Estate Institute (JREI) issued their latest medium-term forecast for the price of brand-new apartments in Tokyo’s 23 wards. As we saw last year, price predictions have again been revised upwards from earlier forecasts. In 2019, the average new apartment price is forecast to be 1,065,000 Yen/sqm, up 0.4% from 2018 and 7.7% from an earlier forecast.
Castle in Nagasaki to be converted into hotel
Hirado City in Nagasaki Prefecture is looking for someone to open a small hotel within Hirado Castle’s turret. According to the Japan Castle Foundation, this would be the first accommodation to be created in a castle in Japan.
Foreigners buy 373 hectares of forestry in 2018
In 2018, foreign funds purchased 373 hectares of forestry across Japan. According to the Ministry of Agriculture, Forestry and Fisheries (MAFF), there were 30 acquisitions made across seven prefectures.
Tokyo Apartment Sales in May 2019
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of May 2019:
Vintage apartment renovation in Shibuya gets 2,000,000 Yen/sqm price tag
A former expat rental apartment building in Shibuya’s Uehara neighborhood has been fully refurbished with the apartments now available for individual purchase. The condo-conversion is a growing trend in Tokyo where land is scarce and construction costs run high.
Miyazaki metabolist hall to be demolished
The former Miyakonojo Civic Hall, a metabolist icon in Miyazaki Prefecture, is expected to be demolished sometime this year as hefty maintenance costs prove too high for city finances.