Residential leases are on the decline
The number of residential rental contracts signed across greater Tokyo has been on the decline for over a year now, with the effects being felt on real estate brokerages. Teikoku Databank reported 104 real estate brokerages filed for bankruptcy across greater Tokyo in 2019, up 6% from 2018.
Japanese developer aquires partial share of luxury Yoyogi rental
Real estate developer Rebita has acquired a partial ownership interest in luxury rental complex Grosvenor Place Kamizono-cho.
Apartment rents in greater Tokyo climb 4.5% in 2019
The average monthly rent for a condominium-type apartment across greater Tokyo in 2019 was 2,886 Yen/sqm, up 4.5% from 2018. This was primarily due to an increase in rents within the Tokyo metropolitan area, while Yokohama City saw rents fall.
Japan’s first winery to be leased for ¥4.62 million a month
Ushiku City in Ibaraki has agreed to lease a historic winery for 4,620,000 Yen (approx. 42,000 USD) per month. Ushiku Chateau (formerly Chateau Kamiya) was opened in 1903 by Denbe Kamiya (1856-1922) and was Japan’s first winery. In more recent years the winery was receiving as many as 400,000 visitors a year when it was open to the public. It closed last year, prompting locals to lobby the city to find a public use for the property.
Student housing to be built under Chuo East Line
The East Japan Railway Company (JR East) is building student accommodation under the train tracks in Koganei, West Tokyo. The apartments will be located on a 400-meter stretch located right underneath the Chuo East Line between Musashi-Koganei and Higashi-Koganei Stations.
Rent rises 11% on Tokyo Stock Exchange Building
The rent for the Tokyo Stock Exchange Building in Nihonbashi is increasing for the first time in 25 years. Starting in April, the building’s annual rent has increased by 11.1% to 3 billion Yen (approx. 28 million USD).
Miyakojima’s property boom
Land prices on this tropical island in Okinawa have increased by as much as 50,000% (no, that’s not a typo) over the past four years.