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.
Imperial Theatre to be demolished
The Teigeki, or Imperial Theatre, in Marunouchi will temporarily close in 2025 as the building undergoes redevelopment.
Kitasenju landmark under demolition
Demolition of a local landmark in Kitasenju, Tokyo, is underway as the scaffolding goes up on a former eye clinic.
Revisiting small hotel listings now that borders are about to reopen
Starting October 11, Japan’s inbound tourism restrictions introduced during the pandemic will be fully lifted with entry procedures returning to pre-pandemic norms. With inbound tourism about to kick into high gear, let’s take an updated look at the smaller hotels that have been listed for sale recently. A note to readers: you won’t find information published online about larger or higher quality assets available for purchase as information on those listings cannot be shared publicly.
Tokyo apartment asking prices increase for 26th month
Apartment prices continue to rise in Tokyo’s 23 wards, with Tokyo Kantei reporting that the average asking price of a 70 sqm (753 sq.ft) second-hand apartment reached 68,840,000 Yen in August. This is a 0.6% increase from the previous month and a 7.1% increase from last year. It’s also the 26th month to see an increase. This may be partly due to the upcoming Autumn sales season - typically the second busiest time of the year for home sales.
New apartment listings drop 40% in August
The number of brand-new apartments released for sale across greater Tokyo in August dropped 40.1% from last year to just 1,162 units. This time last year saw several large-scale projects hit the market as the capital was emerging from a state of emergency.
Fewer foreclosures in first half of 2022
The number of real estate foreclosure auctions held by the Tokyo District Court in the first half of 2022 was just 365, down from 407 in the same period in 2021.