Bids on foreclosures reach new high
Despite the pandemic, foreclosure listings across greater Tokyo are down, while bids and auction prices are up.
Tokyo apartment prices increase for 22nd month
Second-hand apartment prices across greater Tokyo have continued to climb. In February, the average sale price was 625,100 Yen/sqm, up 8.4% from last year and the 22nd month in a row to see a year-on-year increase. The average apartment size shrank by 1.7% to 64.36 sqm (693 sq.ft) while the average building age grew by 1.33 years to 23.27 years. In other words, apartments were getting smaller, older, and more expensive.
Did buyers prefer newer or older homes in 2021?
Over the past decade, the average age of a second-hand apartment sold across greater Tokyo has been growing. In 2011, the average building age was 18.27 years. In 2021, it was 22.67 years.
Historic 103-yr old hotel in Kobe sold
On March 7, Sanyo Electric Railway announced the sale of the historic former Maiko Hotel in Kobe City.
Subscription-type cabins open by Lake Yamanaka
A subscription-type holiday home development near Lake Yamanaka at Mt. Fuji opened on March 4. The 14 contemporary cabins are spread across a 13,000 sqm site and are a 10-minute walk from the shore.
Japan's two-address systems for land and buildings
Did you know that buildings and land in Japan can have two addresses? One for registration identification purposes and another to be used as the postal address. While this won't affect your day-to-day life, it always comes up as a question from buyers when going over the contract of sale documents, so it may be worth explaining it in detail below.
Hyatt Regency Tokyo on the market for 100 billion Yen
On February 28, the Nikkei Shimbun newspaper reported that the Odakyu Electric Railway company is considering the sale of the Hyatt Regency Tokyo hotel. The total sale proceeds of the hotel, along with partial ownership of a neighboring office building, could be in the 100 billion Yen (approx. US$870 million) range. Several funds have already expressed interest.