Business hotels performing the best in a bad situation
The onset of the pandemic and international travel bans in March 2020 saw occupancy rates in Japan’s hotels plummet. Resort hotels saw occupancy levels drop to just 3.3% during the State of Emergency in May 2020, while traditional ryokans weren’t far behind with 5.9% occupancy.
Tokyo Apartment Sales in March 2021
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of March 2021:
Quick real estate news summary for the week
Fire insurance policy terms reduced, Blackstone to acquire 8 hotels, and apartment asking prices in Tokyo increase for 8th month in a row. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Land values drop for first time in 6 years
The nationwide ‘koji-chika’ (or chika-koji) land valuations for January 1, 2021 have just been announced. Read on if you want to see how the coronavirus pandemic has affected Japan’s real estate market.
Plans released for Akasaka Station redevelopment
On March 14, detailed plans for the redevelopment of the Kokusai Shin-Akasaka Buildings were released. The Akasaka 2, 6 Chome District project will see two towers of 230 meters and 110 meters tall.
OYO exits short-term apartment rental business
OYO Hotels & Homes, the Indian hospitality chain, is backing out of their real estate rental business in Japan.
Apartment inventory continues to shrink in Tokyo
According to REINS, a total of 3,587 second-hand apartments were reported to have sold across greater Tokyo in February, up 3.1% from the previous month but down 4.3% from last year. The Tokyo metropolitan area saw an 8.8% year-on-year drop in transactions, while Saitama Prefecture saw transactions up 5.2%.