Eviction orders for Gamagori hotel
The Toyohashi branch of the Nagoya District Court has issued an eviction order to the religious organization that is using the former Gamagori Fukinuki Sightseeing Hotel in Miyacho, Gamagori City. The court is ordering the land to be returned to its owner (Miyacho) and the building to be demolished.
The original hotel opened in 1939 and has undergone many alterations and extensions over the years. During its prime, the hotel was Miyacho's leading hot spring resort. However, in 1998 the hotel filed for bankruptcy with debts over 3 billion Yen. It was later put up for public auction with a minimum bid of 956 million Yen. A buddhist organization purchased the building, but not the land, from Miyacho in 2004 and were charged an annual land rent of 3.8 million Yen. They demolished several buildings and refurbished the main hotel which had previously been damaged by fire.Read more
Ban on advertising new and old property price to be lifted
Moves are underway to lift the ban that prohibits advertising the former price of a secondhand property or land alongside it's new and reduced price.
Currently, this form of advertising can only be used on brand new construction less than two years old, and which has never been occupied. Certain terms relating to the length of time advertised also apply. It is expected that the law will change this summer to allow advertisements for secondhand properties and land to use the same method.Read more
Apartment price to income ratio worsens
According to research by Tokyo Kantei, the average new apartment price in Japan is 6.27 times the average annual income. This is an increase of 0.26 points from 2010, indicating an increased difficulty in purchasing homes.
The average price to income ratio for a secondhand apartment (10 years old) was 4.32 (0.26 points higher than 2010).Read more
Nagoya's Orchid Garden to be sold
The management of Nagoya's "Ran no Yakata Orchid Garden" is under serious review and the grounds may be put up for sale as the city reviews its budget.
Situated on a 1.6 hectare site, the gardens opened in 1998. In that same year, over 370,000 people visited the gardens, but by 2011 the number had dropped to 130,000. Nagoya City has been paying 110 million Yen annually to the managers of the gardens. In a budget review in October 2011, it was decided that the city should consider abolishing the program and privatize the gardens.Read more
Earthquake-resistance checks on old apartments not progressing
Of Japan's apartment buildings built prior to 1970 to older and less stringent earthquake standards, only 16% have been inspected to see whether they can withstand a large earthquake.
In February, the Condominium Management Companies Association conducted a survey of 2100 pre-1970 apartment buildings nationwide. From the individual management companies that responded, only 16% reported that a building inspection was carried out to assess their building's earthquake resistance, and almost all were found not to meet current standards. Only 3% of the surveyed buildings had actually carried out any earthquake reinforcing work.Read more
Now is the time to buy in Greater Tokyo
With the recent announcement of the 2012 kouji-chika land prices by the MLIT, it became apparent that the decline in land values across Tokyo is beginning to slow down. The average fall in land values across greater Tokyo in 2012 was 1.3%, which is an improvement of 0.7 points from 2011.
The price of land is a leading indicator of secondhand apartment prices, and apartment prices are already showing signs of positive growth. Research by Tokyo Kantei found that the price of secondhand apartments located in the areas around a third of Tokyo's train stations had risen in the last quarter of 2011.Read more
American realtor association to open office in Tokyo
The American National Association of Realtors (NAR) announced plans to open an office in Tokyo by the end of the year. The Tokyo branch will be set up to increase the number of foreign real estate transactions.
The office in Tokyo will provide a link between the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), various real estate organizations in Japan and NAR's headoffice in the US. NAR is also considering introducing special qualifications for those dealing with international real estate transactions and developing and authorizing various qualifications for real estate brokers in Japan.Read more