Hotels in high demand as developers see opportunity in rapidly recovering tourist market
Japan's hotel industry is only going to heat up as major domestic developers ramp up their portfolios amidst a rapidly recovering tourist market.Read more
Kengo Kuma-designed luxury apartment and retail building opens tomorrow
Forestgate Daikanyama, a mixed-use office, retail and residential complex near Daikanyama Station officially opens its doors tomorrow. The 10-story building includes retail and office on the first three floors, and 57 luxury apartments on floors four through ten.Read more
Osaka’s most expensive apartment is going on sale for 2.5 billion Yen
The most expensive apartment in history in the Osaka and Kansai region will go on sale next February. The two-bedroom penthouse will be priced at 2.5 billion Yen (US$16.7 million).Read more
Modernist theatre demolition delayed due to rising construction costs
Rising construction costs might have granted the National Theatre an inadvertent temporary reprieve of demolition. The 57-year old modernist building was scheduled to meet with the wrecking ball sometime after the end of October.Read more
Commercial real estate volume reaches 2.3 trillion in first half of 2023
The total volume of real estate acquisitions made during the first half of 2023 reached 2.3 trillion Yen (approx. US$15.5 billion), according to the Japan Real Estate Institute, up 9.5% from the second half of 2022.Read more
Foreign tourists are back and hotels are seeing record-high revenues
Despite the scorching summer temperatures, foreign tourists returned to Japan in droves in August and hotels are the first to benefit. The Nikkei Shimbun newspaper reported in early September that hotels in central Tokyo are seeing ADRs that are 30% higher than pre-pandemic levels, and the rate of increase has exceeded that of New York. The Palace Hotel Tokyo’s ADR has exceeded 100,000 Yen for the first time. Some city hotels in Osaka have seen their ADR increase by as much as 30% since the beginning of the year and over 100% from early 2022.
Japan's 40-year history of rent control
Did you know that Japan had 40-year history of strict rent control? There was a nationwide regulation called the Rent Control Act, implemented in 1939, 1940 and 1946. Under this Act, landlords could only charge rents that were within the limits set by the government. They couldn’t raise rents without obtaining government approval.Read more