Building in Saitama sells for minus 7 million Yen
A long-vacant school gymnasium building and land in Saitama Prefecture sold for a negative amount last December. The seller, Fukaya City, will pay 7,950,000 Yen to the buyer of the property. This is the first case in Japan of an auction being held with a negative starting price for bidding.
First Banyan Tree Hotel to open in Kyoto
Banyan Tree Hotels & Resorts has chosen Kyoto City as the location of their first hotel in Japan.
Jingumae 6 Chome redevelopment gets city approval
On February 15 the Tokyo Metropolitan Government approved construction plans for the Jingumae 6 Chome district redevelopment. The site is located in a prime retail position at the corner of Omotesando Avenue and Meiji Dori Street and above the Meiji-jingumae subway station.
Tokyo Apartment Sales in February 2019
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2019:
One of Shibuya's oldest homes hits the market
A traditional Japanese house in the heart of Shibuya is currently on the market for 2.27 billion Yen (approx. 20.3 million USD).
5 billion Yen Toranomon penthouse rumored to have sold off-the-plan
A penthouse in Toranomon is rumored to have sold off-the-plan for 5 billion Yen (approximately 45 million USD), making it potentially one of the most expensive apartments to have sold in Japan. Naturally, details are sparse and unconfirmed.
New apartment price across Japan reaches record high in 2018
According to the Real Estate Economic Institute, a total of 80,256 brand-new apartments were released for sale across Japan in 2018, up 3.7% from 2017, and the first time since 2014 to see supply exceed 80,000 units. Greater Tokyo saw a 3.4% increase in supply, while the Kinki, Chubu and Tokai regions saw increases of over 7%. Another 80,000 new apartments are expected to be supplied for sale in 2019. This is still below the recent peak of 105,282 units supplied in 2013.