Fire insurance policy terms reduced, Blackstone to acquire 8 hotels, and apartment asking prices in Tokyo increase for 8th month in a row. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
According to the Japan Wood-frame House Earthquake Reinforcement Business Cooperative, made up of contractors and architects that provide earthquake-retrofitting services, 93% of the 4,000 homes that have had earthquake-resistance inspections carried out over the past 15 years in Tokyo were at risk of collapse in an earthquake that produced a seismic-intensity (shindo) level of upper 6 or higher (*Note: The seismic intensity scale is difference to magnitude). The average age of a house surveyed by the Cooperative was 37 years.
Demolition of the Kenzo Tange-designed Dentsu Tsukiji Building will start on April 18. The brutalist landmark building will be flattened to make way for a multi-block redevelopment by Sumitomo Realty & Development.
In February, the population of the Tokyo metropolitan area dropped 662 residents from this time last year. This was the first time since June 1996 that the city’s population has seen a year-on-year drop. The decline is said to be due to both a net outflow of residents to surrounding prefectures as well as fewer births, but the data suggests a different story.
Construction has officially started on the redevelopment of the former Akasaka Twin Tower site in central Tokyo. The project will see a 210-meter tall office/hotel/serviced apartment tower completed by August 2024.
Apartment rents remain flat in Tokyo, Torch Tower hotel sells for 56 billion Yen, and new apartment supply in greater Tokyo up 50% from last year. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
The nationwide ‘koji-chika’ (or chika-koji) land valuations for January 1, 2021 have just been announced. Read on if you want to see how the coronavirus pandemic has affected Japan’s real estate market.
On March 16, the Yomiuri Shimbun newspaper reported that the Imperial Hotel in Tokyo is considering redeveloping their main hotel and neighboring office tower. This isn’t the first time rumors of redevelopment have been floated. Similar reports came out in early 2018 and late 2019.
The overgrown and long-abandoned Maya Kanko Hotel in Kobe will be registered as a Tangible Cultural Property. Discussions to register the historic property began in 2017, with the owner, non-profit organization J-Heritage, and an architectural group banding together to start the application process.