Residents in Kyoto neighborhood ban short-term rentals
Residents of the Shimoseizoguchicho address in Kamigyo Ward, Kyoto, have received city approval for neighborhood bylaws that will ban Airbnb-style rentals, apartment buildings and enforce strict height limits.
This is expected to be a model case for neighborhoods struggling with a rise in short-term accommodation facilities and apartment development.
Tokyo office rents increase for 45th consecutive month
According to Miki Shoji, the average monthly office rent in central Tokyo’s five business districts reached 18,995 Yen per Tsubo (approx. 5,747 Yen/sqm) in September, an increase of 3.59% from last year and the 45th month in a row to record a year-on-year increase. The average is still 17% below the recent record high of 22,901 Yen/Tsubo (6,929 Yen/sqm) seen in August 2008.
The Kahala Hotel & Resort to open in Yokohama
Resorttrust Inc, a Nagoya-based hotel operator and developer, is planning to open The Kahala Hotel & Resort Yokohama in the city’s waterfront district of Minato Mirai by 2020.
Resorttrust plans to capitalize on the Kahala brand-name to attract both domestic and foreign tourists. The project will include two 14-storey hotels - one that is open to the general public, and one that is a members-only hotel. The smallest room will be a 50 sqm suite that is expected to be 100,000 Yen (890 USD) per night. There will also be four rooms of 120 sqm each that will be priced at around 300,000 Yen (2,675 USD) per night.
New apartment prices in greater Tokyo increase for 6th month in a row
According to the Real Estate Economic Institute, 2,978 brand new apartments were released for sale across greater Tokyo in September, up 41.7% from the previous month but down 13.0% from last year. Back in 2013, as many as 5,970 new apartments were released for sale in the month of September.
The average sale price was 58,240,000 Yen, up 0.5% from the previous month and up 4.4% from last year. The average price per square meter was 846,000 Yen, down 2.9% from the previous month but up 7.6% from last year. This is the sixth month in a row to record a year-on-year increase.Read more
Average rent drops for 3rd consecutive month in Tokyo
In September, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,287 Yen/sqm, down 0.2% from the previous month and down 2.4% from last year. This is the 3rd month in a row to record a year-on-year drop in rents and the lowest level seen in the past 12 months.Read more
Land in Ginza to sell for 64 million Yen (570,000 USD) per square meter
Articles appearing in both the Nikkei Business Publication and the Business Journal have suggested that a block of land (with building) alongside Ginza’s main shopping street will be sold for a record price of up to 64 million Yen per square meter (approx. 570,000 USD/sqm or 53,000 USD/sq ft).