Vacant and poorly maintained homes may soon lose property tax breaks
In an effort to disincentivize the owners of abandoned homes from allowing them to rot and decay further, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) is firming up plans that would see property tax breaks removed for homes that meet certain criteria.
Mita Koyamacho Redevelopment to be completed by 2028
More progress has been made on the Mita Koyamacho West District Redevelopment near Azabujuban Station with the Tokyo Governor approving the developers’ rights conversion plans last December.
Apartment asking prices climb 13.2% in 2022
The average asking price of a 70 sqm (753 sq.ft) second-hand apartment across the greater Tokyo region in 2022 climbed 13.2% to 47,160,000 Yen. This was the second year in a row to record double-digit growth.
Hotel Okura South Wing redevelopment to start in 2024
Construction of a 225-meter tall tower to replace the former Hotel Okura South Wing building in Roppongi will start in 2024, with completion scheduled for 2028.
9.5 trillion Yen to retrofit Tokyo’s wooden homes
Tokyo wants all homes to meet current earthquake-resistant codes by the 2040s and has budgeted 9.5 trillion Yen (US$71 billion) to make it happen.
New apartment prices in Sapporo hit highest level on record
The average price of a brand-new apartment in Sapporo reached its highest level on record in 2022. According to the Sapporo-based Housing Distribution Research Institute, the average price reached 47.82 million Yen, up 17% from 2021 and the highest price since record-keeping began in 1989.
Righa Royal Hotel to be sold to Canadian fund
Osaka’s Rihga Royal Hotel will be acquired by BentallGreenOak (BGO), a Canadian real estate investment firm. Although the price was not disclosed, it is estimated to be somewhere around 50 billion Yen (approx. US$385 million). Operations by Royal Hotel are expected to continue post-sale.