Investors re-start protests outside troubled bank, residential tenants change their priorities, and Kanazawa hotel projects feel the pain of the pandemic. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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The now-vacant site of the former Tsukiji Fish Market might be put up for sale, according to the Mainichi Shimbun newspaper. The 23-hectare waterfront site is within walking distance to Ginza. Its massive size and location make it an appealing target for developers.
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In a tie-up with insurance company BNP Paribas Cardif, Sumitomo Mitsui Trust Bank will soon start offering a mortgage payment exemption option for borrowers who have been fired or lost their job due to corporate bankruptcy.
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The median discount on an existing apartment sold in Tokyo’s 23 wards in August was 1.46%, up 0.06 points from July but showing no change from August 2019. Buying activity continued to improve again in August, with transactions looking similar to the volume seen last year.
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The following is a selection of apartments that were reported to have sold in central Tokyo during the month of August 2020:
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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.
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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.
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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.
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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?
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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.
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