Japan's Standard Land Prices increase by 1.0% in 2023
Japan’s Standard Land Prices were announced on September 19, and as the pandemic winds down and dwellers and tourists return to central hubs, the major urban centers saw the steepest increase.
Nationwide, land prices across all uses increased by 1.0%, following a 0.3% increase in 2022. Regional areas saw the first increase across all uses for the first time in 31 years; however, this may have been driven by growth in cities such as Sapporo, Sendai, Hiroshima, and Fukuoka. Residential land outside of those cities continued to decline, while commercial land increased for the first time in 32 years.Read more
Nationwide land values increase for 2nd year in a row
The nationwide Assessed Land Values (koji-chika), as issued by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) saw a year-on-year increase in 2023. This is the second year in a row to see an increase. The growth is apparent not only in urban centers, but is also spreading to regional areas as the country emerges from the pandemic.Read more
Three hotels sold by Hokkaido hotelier
Mail-order company Belluna has emerged as the buyer of two hotels in Hokkaido from Karakami Hotels & Resorts for an undisclosed price. Karakami will stay on as the operator of the hotels.
Niseko sees over 20 billion Yen a year in real estate sales
A 2.5-year closure to inbound travel hasn’t slowed investment in Niseko’s ski resort market with the Nikkei Shimbun reporting that the ‘Aspen of Asia’ has seen over 20 billion Yen (approx. US$138 million) in known real estate purchases by foreigners each year. The very recent weakening of the Yen this year is said to be contributing further to demand.
Heritage-listed house in Hokkaido hits the market
An historic merchant house in Hokkaido has apparently been listed for sale for just 30 million Yen (US$210,000). The heritage-listed Yokoyama Residence was built in the 1860s and later.
Restrictions on resort development in Kutchan lagging behind schedule
New restrictions on resort development in Kutchan Town, near the popular Niseko ski resort, were scheduled to be introduced this fall, but have been pushed back. These restrictions are aimed at protecting the town’s natural environment and scenery from an unchecked surge in development by foreign funds in the Hirafu and Hanazono districts.
Hyatt to open in Sapporo
On June 28, NTT Urban Development announced that Hyatt Hotels Corporation will by opening the Hyatt Centric Sapporo in NTT’s Sapporo Kita 1 Nishi 5 Project.
Demolishing this tower will cost 720 million Yen
Hokkaido Prefecture is facing a growing demolition bill for the Hokkaido Centennial Memorial Tower.
Sapporo’s most expensive apartments go on sale
Like other cities across Japan, Sapporo is no stranger to rising home prices. New apartment prices have risen by 37.3% over the past ten years. One new luxury condominium in the city has gone on sale this June with all apartments priced over 200 million Yen.
Buyer found for former Russian Consulate in Hakodate
Hakodate City in Hokkaido has decided on a buyer for the former Russian Consulate. Built in 1908, this is the only consulate remaining from the Russian Empire era, with the interior still retaining its elaborate and decorative details.