Asakusa hotel on leasehold land sells at 65 million Yen per key
Despite being on leasehold land, this recently-built hotel in Asakusa sold last week for 65.5 million Yen per key (approx. US$460,000). The Nomura Real Estate Master Fund entered into an agreement to acquire the Mimaru Suites Tokyo Asakusa hotel on December 14 for 2.36 billion Yen (US$16.57 million) with delivery to take place in April 2024.Read more
Mandarin Oriental opening three boutique hotels in Setouchi
Japan’s island-filled Setouchi region will be home to three boutique Mandarin Oriental hotels between 2027 and 2030. Currently, the sole Mandarin Oriental hotel in Japan is located in Tokyo.Read more
Tokyo’s apartment rents increase 0.2% in November
According to Tokyo Kantei, the average monthly rent of a condominium-type apartment in Tokyo’s 23 wards was 4,236 Yen/m2 in November, up 0.2% from the previous month and up 10.7% from last year.Read more
Niseko hotel tax to max out at 2,000 Yen
On November 8, Niseko Town announced plans to introduce an incremental hotel tax that will be amongst some of the most expensive in Japan. The incremental tax will range from 200 ~ 2,000 Yen per person, per night and could be introduced as early as November 2024.Read more
Japan’s cold storage to heat up as inventory shrinks
Cold storage warehousing is expected to face dire market conditions in the coming years with demand to outstrip limited supply.Read more
What is the current pricing and yields on multi family assets in Tokyo?
To gain a bit more insight into Tokyo's multi-family market, we took a sample of 20 apartment buildings currently advertised for sale across Tokyo’s 23 wards, each priced above 1 billion Yen and with at least 10 units per building.
Yields
Japan’s land values continue to rise throughout 2023
Land values across Japan are rising at an increasing pace after suffering some declines during the pandemic. The rising prices are due to improving economic conditions, strong demand for apartments, and signs of a recovery in retail demand. According to the latest quarterly LOOK report published by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), 97.5% of the surveyed locations saw positive growth in the 3rd quarter of 2023 - the highest share seen on record. No locations saw a drop in prices.Read more