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


New court case over legality of lease cancellation penalty

In a court case brought to the Saitama Kawagoe District Court, a non-profit organization is claiming that the cancellation penalty in their client's rental contract is illegal and are demanding that the rental agency remove the clause from their contracts.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


Tokyo's secondhand apartment market remains bearish

Data released by Tokyo Kantei has shown that the average price for a 70 sqm (753 sqft) secondhand apartment in Tokyo's 23 wards in March 2011 fell 5.5% from March of the previous year.Read more


Sales in Harumi Towers off to a good start

Sales of apartments in Mitsubishi Jisho and Kajima Corporation's latest waterfront development project, The Park House Harumi Towers Krono Residence, are off to a good start this month with 288 of the 320 apartments initially available receiving purchase applications. A total of 377 applications were made on those 288 apartments.

Located in the bayfront Harumi area, Krono Residence will have 883 apartments over 49 floors. The next round of sales begins at the end of April. Another tower residence is scheduled to be built right next door to Krono and the two towers will have over 1,800 apartments.

The sales office and showroom was opened in January and received over 3,500 visitors. The most popular units were a 79 sqm 3-Bedroom apartment priced in the 50 million Yen range, and a 42 sqm 1-Bedroom priced in the 20 million Yen range. The purchase applications on some of these units exceeded availability five-fold. The majority of apartments were priced in the 52 million Yen range, with the most expensive unit sold being 199.8 million Yen penthouse apartment.

Buyers were in their 30s and 40s and consisted mostly of 2 member households. Many were moving out of other high-rise residences.

Source: Shukan Jutaku, April 17, 2012.


Asia's wealthy head to Niseko

  • Luxury apartment and hotel boom
  • Turning into a world-renowned resort area

Hokkaido's Niseko and Kutchan area is seeing a rush of luxury apartment and hotel developments. Known for its perfect skiing conditions, many Australians had purchased ski chalets and vacation homes in the town. The recent development boom, however, has been spurred on by Asia's wealthy investors and developers.Read more