Abandoned hotel worries worsen in Nikko
Several dangerously dilapidated and abandoned hotels in Nikko’s Kinugawa onsen district have the city concerned.
The city has identified 16 abandoned hotels and ryokans in need of action. Three hotels have fallen into a dangerous level of disrepair, with the owners nowhere to be found. The 8 and 10-story concrete buildings are located on cliffside land between Kinugawa River and the national highway and have been closed for 10 ~ 20 years.
Tokyo apartment prices increase for 20th month
The average reported sale price per square meter for a second-hand apartment across greater Tokyo increased for the 20th month in a row in December. Last month, the average sale price was 641,700 Yen/sqm, up 5.3% from the previous month and up 11.6% from December 2020.
No buyers for abandoned hotels
Shuttered and abandoned, the Tenninkyō Grand Hotel in the Daisetsuzan National Park in Hokkaido is one of many dilapidated hotels across Japan that cannot even be given away.
Understanding the difference in earthquake codes for apartment buildings
Buyers often ask us about earthquake codes. For a country that lies alongside the Pacific Ring of Fire, it is a risk that we should all be aware of.
The most recent major change to the Building Standards Act for earthquake resistance occurred in 1981.
Why is this important?
US fund to acquire Ooedo Onsen Monogatari
Boston-based private investment firm Bain Capital announced the sale of Ooedo Onsen Monogatari to US fund Lone Star Group. The transfer of the management rights is expected to take place by the end of February.
Tiny modernist house demolished
A 60-year old modernist home in Tokyo’s Nakano Ward has just been demolished. The ‘SH-60’ house was designed by Kenji Hirose. It had a floor area of just 29 sqm (312 sq.ft) and was designed for a famous painter and illustrator.
Our Japan Property Market Report for 2021
2021 saw much of the country in a state or semi-state of emergency for most of the year. Nevertheless, the Nikkei stock index ended the year at the highest level seen since 1989. The real estate market also steamed ahead as buyers appeared to be unfazed by the pandemic. For most sectors of the real estate market, conditions remained somewhat similar to 2020. Residential prices continued to rise as inventory dwindled. Rental prices diverged as larger apartments saw rents rise while smaller studios saw rents fall.
Please feel free to view or download the PDF of our annual Japan Property Market Report, linked below.