Land transactions in Tokyo increase in 2022
Even though 2023 is drawing to a close, some market data takes a long time to be released. On November 16, the Tokyo Metropolitan Government released its report on the local real estate market for land in the 23 wards for 2022. Let’s look at a summary of the important points below:Read more
Why did this apartment building in Shinagawa sell at a low price?
Last month, a J-REIT announced the sale of a 120-unit multi-family building near Shinagawa for 2.9 billion Yen (approx. US$19.8 million) to an unnamed buyer with handover to take place in April 2024.
The 15-story Residia Kita-Shinagawa rental apartment building sold with a cap rate of 4.6% based on the appraised value, while most multi-family buildings in central Tokyo currently have cap rates around the 3% range.Read more
Here’s where apartment rents are increasing the most across Japan
Rents for more spacious ‘family-type’ apartments in Japan’s major cities reached record highs in October, according to a report released by multiple-listing provider and data aggregator AtHome. The larger-sized rental housing is becoming an interesting segment of the market to observe as would-be homebuyers are starting to shift to rental housing as they become priced out of the condo market.Read more
Asakusa hotel on leasehold land sells at 65 million Yen per key
Despite being on leasehold land, this recently-built hotel in Asakusa sold last week for 65.5 million Yen per key (approx. US$460,000). The Nomura Real Estate Master Fund entered into an agreement to acquire the Mimaru Suites Tokyo Asakusa hotel on December 14 for 2.36 billion Yen (US$16.57 million) with delivery to take place in April 2024.Read more
Mandarin Oriental opening three boutique hotels in Setouchi
Japan’s island-filled Setouchi region will be home to three boutique Mandarin Oriental hotels between 2027 and 2030. Currently, the sole Mandarin Oriental hotel in Japan is located in Tokyo.Read more
Tokyo’s apartment rents increase 0.2% in November
According to Tokyo Kantei, the average monthly rent of a condominium-type apartment in Tokyo’s 23 wards was 4,236 Yen/m2 in November, up 0.2% from the previous month and up 10.7% from last year.Read more
Niseko hotel tax to max out at 2,000 Yen
On November 8, Niseko Town announced plans to introduce an incremental hotel tax that will be amongst some of the most expensive in Japan. The incremental tax will range from 200 ~ 2,000 Yen per person, per night and could be introduced as early as November 2024.Read more