Quick real estate news summary for the week
Mass layoffs at a major landlord, hotel deals off the table, the biggest drop in business outlook, but good news for warehouse owners. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Heritage listed shop in Nagasaki to be demolished
A 122-year old jewelry store in Nagasaki will be demolished this month after the owner has decided to sell off the land. The Ezaki Bekko Store was founded in 1709 and, until this month, was Japan’s oldest tortoiseshell specialty store.
Tokyo apartment discounts in May
The real estate market continued to stall in May as businesses remained shut and people stayed home. Transactions in Tokyo are still down considerably from last year although there has been some improvement from April, and activity is already starting to resume in early June. Discounts still remain limited in many cases as sellers hold firm.
Malaysian developer joins forces for hotel-condo project in Yokohama
A joint venture between Berjaya Corporation Berhad, Marubeni, and Daiwa House Industry, has been selected to develop a two-hectare land parcel in Yokohama’s waterfront Minato Mirai 21 District.
113-yr old ryokan in Sendai closes its doors
The 113-year old Chitoseya Ryokan in Sendai City closed its doors on May 31. It was originally scheduled to close in 2021 as the current operators, now in their 70s, have no successor. But, the recent decimation of the tourism industry caused by the coronavirus pandemic hastened the closure.
Tokyo Apartment Sales in May
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of May 2020:
Derelict condo-hotel in Sendai to be demolished
An almost-abandoned condo/hotel in Sendai City will be demolished and potentially redeveloped after sitting empty for 20 years.