On April 27, the Sankei Shimbun newspaper reported on two neighboring apartment buildings in Osaka that are leaning to the point where they are now touching. One of the buildings was deemed at risk of collapse over 8 years ago, yet the building owner has taken no action. Several tenants continue to live in the buildings.
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Tokyo Tatemono and Hotel Properties Limited are developing a 195-meter tall, 49-story mixed condominium and hotel high-rise just south of the Osaka / Umeda Station district. This will be the first high-rise development in Japan to have both the Four Seasons Hotel and a condominium in the same building.
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The nationwide ‘koji-chika’ (or chika-koji) land valuations for January 1, 2021 have just been announced. Read on if you want to see how the coronavirus pandemic has affected Japan’s real estate market.
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Osaka Metro Co., Ltd., the operator of Osaka’s metro transit system, has reportedly sold a ‘minpaku’-style short-term letting building at a loss. The apartment building was purchased in 2019 with the goal of opening it to foreign tourists from February 2021, but those plans have been abandoned due to the ongoing international travel bans.
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According to the Ministry of Land, Infrastructure, Transport, and Tourism’s (MLIT) LOOK Report for the fourth quarter of 2020, a total of 15 locations recorded an increase in land prices, up from just 1 location in the previous quarter.
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The supply of brand new apartments released for sale across Japan in 2020 hit the lowest level since 1976. According to the Real Estate Economic Institute, a total of 59,907 apartments were released for sale, down 15.2% from 2019.
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The traditional Taiko-en estate in Osaka City will be sold at the end of March, as announced by owner and operator Fujita Kanko. The wedding and restaurant facility hosted the G20 Joint Session of Finance and Health Ministers in 2019.
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Japan’s National Tax Agency (NTA) has decided to revise the rosenka land tax valuations downwards by 4% in three districts in Osaka to reflect the drop in land prices. This is the first time outside of a major disaster that the values have been revised since the system was introduced in 1955. Osaka, which has been hit hard by the tourism downtown, is the only city in Japan to receive this special adjustment.
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The number of brand-new apartments released for sale across greater Tokyo in 2020 hit the lowest level in 28 years after the coronavirus pandemic saw showrooms shuttered and developers delay sales. A total of 27,228 apartments went on the market, down 12.8% from 2019. Sales are expected to recover in 2021 with 32,000 units forecast to be supplied.
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In spite of the widespread coronavirus pandemic and a state of emergency disrupting schools and workplaces, the average advertised rent of a condominium-type apartment across greater Tokyo hit the highest level on record in 2020.
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