According to the Ministry of Land, Infrastructure, Transport, and Tourism (MLIT), new housing starts across the country reached 865,909 units in 2021, up 6.6% from 2020.
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Fixed interest rates reach to reach highest level in 8 years
Five of Japan’s mega-banks announced plans to increase the premium interest rate on new home loans with a 10-year fixed rate. These rates will apply to new loans issued in May. Floating interest rates will not change.
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Luxury boutique hotel for Kumamoto
Ryugu, the Kumamoto Prefecture-based operator of Hotel Ryugu, is planning to open a luxury resort on Maejima Island.
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90+ year old home in Yokohama being restored
The new owner of a historic home in Yokohama is carrying out a full restoration. The Yamate 133 Ban-Kan residence was built sometime around 1930 and initially occupied by the Rising Sun Oil Corporation (a predecessor of Shell).
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Mita Garden Hills selected as name of new luxury project in central Tokyo
Mita Garden Hills is now the official name of the large-scale luxury condominium project being developed by Mitsui Fudosan Residential and Mitsubishi Estate Residence in Minato’s Mita neighborhood. This is the second ‘Garden Hills’ since Hiroo Garden Hills was developed in the 1980s.
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Modernist building in Kobe to be demolished
The Kobe Bankers Association will be demolishing its modernist building and replacing it with a new one by 2025.
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Parco department store to expand into residential real estate
The Parco chain of department stores is expanding into residential real estate development, with three projects already underway.
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Takanawa Gateway City plans announced
On April 21, East Japan Railway Company (JR East) announced the construction plans for the area around the recently opened Takanawa Gateway Station. A total of four high-rises and one low-rise building will be completed by 2024 ~ 2025.
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Japan’s tallest tower tops out in Toranomon
The 64-story skyscraper in the Toranomon-Azabudai Project topped out at 330 meters on April 21. This is now the tallest building in Japan, exceeding Osaka’s 300-meter tall Abeno Harukas building.
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Apartment asking price in Tokyo climbs for 21st month
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in Tokyo’s 23 wards climbed for the 21st month in a row to 67,840,000 Yen as of March 2022. This is a 1.2% increase from February and a 10.5% increase from last year.
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