American realtor association to open office in Tokyo
The American National Association of Realtors (NAR) announced plans to open an office in Tokyo by the end of the year. The Tokyo branch will be set up to increase the number of foreign real estate transactions.
The office in Tokyo will provide a link between the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), various real estate organizations in Japan and NAR's headoffice in the US. NAR is also considering introducing special qualifications for those dealing with international real estate transactions and developing and authorizing various qualifications for real estate brokers in Japan.Read more
Ginza Theatre Building sold
Tokyo Theatres Company announced that they will be selling the Ginza Theatre Building in Ginza 1 Chome for 17.8 billion Yen (222.5 million USD) to an undisclosed buyer.
The building was sold to improve the financial situation of the company. The future of the company's "Ginza Theatre Cinema" and Hotel Seiyo Ginza which are located in the building are yet to be decided.Read more
New buyer found for Yubari Melon Castle
"Melon Castle", a liquor distilling facility in Yubari City, Sapporo, will be sold to a wholesale/retail company called Base Create. The facilities will be used to package and store goods.
Yubari City had previously agreed to sell the facilities to another buyer, but the sale was canceled in March as the buyer did not make payment. In April, the property was advertised for sale at a reduced starting price of 28,800,000 Yen (360,000 USD). Base Create was the only applicant, and based on their financials and business plan, their offer of 28,900,000 Yen was accepted. The new buyer plans to hire several local residents to help run the facilities.Read more
Recent survey on foreign ownership of forestry in Japan
A survey by the Yomiuri Shimbun has found that foreigners hold as much as 1103 hectares (11.03 million sqm) of forestry in Japan. This number, however, is thought to represent just the tip of the iceberg as there are many cases of foreigners buying land and registering it in the name of a Japanese citizen or local company.
The survey was conducted between the end of March and the middle of April. The local governments across Japan's 47 administrative regions were asked to provide information on the number of transactions, purchase price and total area. Under the National Land Utilization Law, any transactions of land over 1 hectare must be reported to the local government. The aim of this survey was to find out all other non-reported transactions.Read more
Tokyo City buys government lodgings for 10 billion Yen
The Kanto Local Finance Bureau has announced the sale of the former lodgings for the members of the House of Representatives in Minato-ku to Tokyo City.
According to 'rosenka' land valuations, the value of the sale has been estimated at over 10 billion Yen (125 million USD), and the expected proceeds will go towards reconstruction following the Tohoku disaster.Read more
Tokyo Tower Vs. Sky Tree: How views affect rent
The May opening of Tokyo Sky Tree is set to revitalize the the old 'shitamachi' area as it will bring retail stores, tourists and new bus routes. When a neighborhood undergoes a transformation such as this, residential rents are expected to see a sudden rise in prices.Read more