OMA-designed retail project coming to Harajuku
Construction on a new retail project in Harajuku kicked off last month. The 6-story building will have a total floor area of 7,800 sqm (84,000 sq.ft) and occupy a 1,960 sqm site with front and rear street frontage.
Foreclosure in Niseko sells for 2200% above reserve
A foreclosed block of land in Niseko ended up selling for over 22 times its auction reserve earlier this month. The 1,012 sqm (10,889 sq.ft) lot of non-zoned land is 6.3 kilometers from Niseko Station and in the Annupuri district with the Moiwa and Annupuri ski slopes nearby.
New apartment price drops 5.5% in first half of 2022
According to the Real Estate Economic Institute, the average price of a brand-new apartment released for sale across greater Tokyo in the first half of 2022 (April - September) was 63,330,000 Yen, down 5.5% from the first half of 2021 and the first decrease in four years. This is due to fewer high-priced luxury condos being supplied compared to this time last year.
Abandoned homes in city centers are becoming more common
Akiya, or vacant and dilapidated homes, are becoming a common sight in some of Japan’s largest cities, and it’s not for the reasons you might suspect.
Mandarin Oriental Hotel coming to Takamatsu City
The Mandarin Oriental Hotel Group is planning to open a new hotel in Takamatsu City, according to Kyodo News. The opening is scheduled to coincide with the 2025 World Exposition to be held in Osaka.
Tokyo apartment rent hits 2.5 year low
In September, the average monthly rent of a condominium-type apartment in the Tokyo metropolitan area was 3,712 Yen/sqm, down 0.3% from the previous month and last year, and the lowest level seen in 12 months. Neighboring Saitama and Chiba both saw rents fall by 1.0% and 1.7% from the previous month, although they are still higher than they were 12 months ago.
Mita office building to sell for 13 billion Yen
Machinery component manufacturer, MinebeaMitsumi, announced the planned sale of its Tokyo Honbu Building in Minato ward’s Mita address.