Foreign tourists now make up 40% of hotel guests in Kyoto
A survey of 36 leading hotels in Kyoto has found that the percentage of foreign guests has exceeded 40% for the first time since reporting began in 2014. According to the Kyoto City Tourism Association, the share of foreign guests in 2017 was 40.5%, up 3.2 points from 2016. The busiest season for foreign tourists was April, with a share of 50.9%, up 5.3 points from the previous year.
The hotels reported an occupancy ratio of 88.8%, down 0.1 points from 2016. January, which is typically the worst month for tourism, had an occupancy ratio of 75.7%, up 4.3 points from 2016.Read more
Commercial land prices in Japan’s regional areas increase for first time in 26 years
On March 27, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released the Chika-Koji assessed land prices for 2018. According to the data, nationwide land prices across all uses increased by 0.7%, a 0.3 point improvement from 2017 and the third year in a row to record a year-on-year increase.Commercial land prices increased for the third year in a row with a 1.9% increase in 2018. Residential land prices increased by 0.3% in 2018. In 2017, residential land prices increased by 0.022%, showing the first increase in 9 years.
Notably, commercial land prices in Japan’s regional areas increased by 0.5% - the first increase since 1992. Residential land prices in regional areas dropped by 0.1%, although the rate of decline has reduced.
The most expensive land in Japan is the site of the Yamano Music Building in Ginza, Tokyo. The land had an assessed value of 55,500,000 Yen/sqm (approx. 48,800 USD/sq.ft) in 2018, up 9.9% from 2017 and the fifth year in a row to record an increase. This land has increased in value by 275% since 2002.Read more
Apartment asking prices in Tokyo in February 2018
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) apartment across greater Tokyo was 35,980,000 Yen in February 2018, showing no change from the previous month but up 0.4% from last year. The average building age was 23.4 years.Read more
New apartment prices in Greater Tokyo up 7.8% in February
According to the Real Estate Economic Institute, 2,490 brand new apartments were released for sale across greater Tokyo in February, up 28.7% from the previous month and up 7.8% from last year. The average sale price was 61,280,000 Yen, up 5.8% from last year. The average price per square meter was 889,000 Yen, up 4.3% from last year.
The contract ratio was 65.0%, down 3.4 points from last year and down 0.2 points from the previous month.Read more
Rent in Tokyo reaches new high in February
According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,527 Yen/sqm in February, up 1.1% from the previous month and up 6.0% from last year. This is the highest level seen since record-keeping began in March 2008 and has broken a previous record set in January 2018.Read more