155m tall tower for Dogenzaka, Shibuya
On January 19, the Tokyo Metropolitan Government approved the formation of the redevelopment committee for the Dogenzaka 2 Chome South District Redevelopment. This will see a 155-meter tall tower built near the west exit of Shibuya Station on the Inokashira Line.
Abandoned hotel worries worsen in Nikko
Several dangerously dilapidated and abandoned hotels in Nikko’s Kinugawa onsen district have the city concerned.
The city has identified 16 abandoned hotels and ryokans in need of action. Three hotels have fallen into a dangerous level of disrepair, with the owners nowhere to be found. The 8 and 10-story concrete buildings are located on cliffside land between Kinugawa River and the national highway and have been closed for 10 ~ 20 years.
No buyers for abandoned hotels
Shuttered and abandoned, the Tenninkyō Grand Hotel in the Daisetsuzan National Park in Hokkaido is one of many dilapidated hotels across Japan that cannot even be given away.
US fund to acquire Ooedo Onsen Monogatari
Boston-based private investment firm Bain Capital announced the sale of Ooedo Onsen Monogatari to US fund Lone Star Group. The transfer of the management rights is expected to take place by the end of February.
Our Japan Property Market Report for 2021
2021 saw much of the country in a state or semi-state of emergency for most of the year. Nevertheless, the Nikkei stock index ended the year at the highest level seen since 1989. The real estate market also steamed ahead as buyers appeared to be unfazed by the pandemic. For most sectors of the real estate market, conditions remained somewhat similar to 2020. Residential prices continued to rise as inventory dwindled. Rental prices diverged as larger apartments saw rents rise while smaller studios saw rents fall.
Please feel free to view or download the PDF of our annual Japan Property Market Report, linked below.
Landmark hotel in Atami closes its doors
Atami’s Hotel New Akao closed its doors for good on December 17, ending 48 years of operations. With demand not expected to return in the near future and an aging building, the decision was made to shut down.
Construction starts on Nihonbashi high-rise
Construction has now started on a 52-story mixed-use development alongside Nihonbashi River. The 284-meter tall tower will include 100 luxury residences on the top four floors. A further 50 apartments will be included in the 7-story low-rise building alongside the river.