Land and apartment prices continue to fall [Nomura]

Nomura Real Estate Urban Net published the results of their survey on residential land and apartment price movements on October 1, 2011. According to the data, bearish patterns continue for residential land prices in greater Tokyo (Tokyo, Kanagawa, Saitama and Chiba).

Between July and September, residential land prices fell 1% in greater Tokyo. Of the surveyed areas, 5.7% had an increase in land prices, 64.3% had no change and 30% had a fall in prices. Meanwhile, land prices in Tokyo's 23 wards saw no change over the past 12 months while Saitama and Chiba Prefectures both saw a decline of 1.9%. Read more

by Zoe Ward

Steps towards reducing discrimination against foreign tenants

Many foreigners may have experienced some kind of discrimination when trying to rent an apartment in Japan. Landlords not only discriminate against foreign residents, but also the elderly, disabled and even families with small children.

Hyogo Prefecture, has introduced a new relief system for rental housing that targets the elderly and foreigners who are frequently turned down by landlords when trying to rent an apartment.Read more

by Zoe Ward

Kobe Bay Sheraton Hotel Sold

The Kobe Bay Sheraton Hotel and Towers on Rokko Island will be sold to a hotel and ryokan (Japanese-style hotel) operator called Hotel New Awaji. The hotel name will not be changed and will continue to operate as normal.

The Bay Sheraton was opened in June, 1992. Up until 2005 it was owned by a subsidiary of JTB Corporation, however the long-lasting effects of the 1995 Hanshin earthquake and economic recession made the hotel unprofitable and it was sold to the American investment company, Lone Star Group. It is currently being operated by a subsidiary of Lone Star. Hotel New Awaji will also purchase the subsidiary and will continue to operate the hotel without any disruptions.Read more

by Zoe Ward

Housing starts in Tohoku up 18.5% and 59.3% in Fukushima

According to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), the new housing starts for the 6 prefectures in Tohoku had increased by 18.5% to 4523 units in August, compared to the same month in 2010. This is the second continuous month of increases.Read more

by Zoe Ward

And the most desirable area in Tokyo is…

In 3rd spot: Ebisu, Shibuya-ku.

Major 7 announced the results of their latest survey of the most desirable neighborhoods in Tokyo and the Kansai area. The data is collected by Mitsubishi Estate, Daikyo and 5 other major condominium developers. In Tokyo, Kichijoji was in top spot for the fourth consecutive year. Ashiya was number one in Kansai for the seventh consecutive year.Read more

by Zoe Ward

Demolition starts on Hiroo's Hanezawa Garden

Mitsubishi Estate began demolishing the former residence of Yoshikoto Nakamura, also known as the Hanezawa Garden, in Hiroo on October 3rd despite countless attempts by local residents to preserve the house and Japanese gardens dating back to 1915.Read more

by Zoe Ward

No one wants to live near the Hamaoka Nuclear Power Plant

The coastal city of Omaezaki in Shizuoka Prefecture suffered a big fall in land prices and is seeing vacancy rates soar as property transactions and prices plummet.

The tsunami in northern Japan and the Fukushima nuclear disaster have had a big effect on this coastal town which is also home to the controversial Hamaoka Nuclear Power Plant. Vacancy rates are climbing and property transactions are down.Read more

by Zoe Ward