Nationwide unwanted land donation scheme now in effect
On April 27, the Ministry of Justice enacted a nationwide unwanted land donation system in order to reduce the burden of rural, idle land on heirs. However, there are some strings attached that may limit how effective this system will be at reducing the number of vacant ‘akiya’ properties across Japan.Read more
Kyoto City's 'akiya' vacant home tax approved
Kyoto City’s plan to tax owners of vacant homes was approved by the Ministry of Internal Affairs and Communications in March, which means some ‘akiya’ or unoccupied homes will come with an additional annual tax. The new tax will not be imposed immediately - it may start in the 2026 fiscal year - and will not be applied to all vacant homes.Read more
Azabudai apartment building sells at 2% net yield
A 47-unit apartment building in Azabudai has been sold for 3.288 billion Yen (approx. US$24 million), 49% above its recent appraised value. This results in a net yield somewhere in the 2.2% range. Advance Residence Investment Corporation, a REIT operated by Itochu Corporation, will transfer the trust beneficiary interests to the undisclosed domestic buyer in July and August of this year.Read more
Record high number of listed companies dispose of real estate in 2022
Of the 3,803 TSE listed companies, 114 reported the sale of real estate assets in the 2022 fiscal year, according to Tokyo Shoko Research. This is the highest number seen since 2007. In the late 1990s and early 2000s, the typical annual number ranged from 150 to 230 companies.
Bulgari Hotel Tokyo opens
The Bulgari Hotel Tokyo officially opened on April 4, marking the hotelier’s first foray into Japan and the 8th Bulgari-branded hotel globally.Read more
Luxury condo sales push Tokyo's apartment price above 200 million Yen in March
The average price of a brand-new apartment released for sale across greater Tokyo reached a record 143.6 million Yen (US$1.07 million) in March, according to the Real Estate Economic Institute. That is largely due to two luxury condos that went on sale in central Tokyo.Read more
Omotesando retail flipped again
The Almost Blue retail building in Minami Aoyama has changed hands for the 3rd time in as many years.Read more