Historic Osaka office building demolished and sold to developer
A landmark heritage building alongside Dojima River in Osaka is under demolition by a local developer. Demolition started in April 2023 with completion expected by late October.Read more
Osaka office building sells at 3.5% cap rate
A 13-story office building in Osaka has been acquired by a J-REIT for 17.215 billion Yen (approx. US$121 million). Japan Real Estate Investment Corporation purchased Forecast Sakaisuji Hommachi on August 1 with delivery to take place by the end of the month. The seller was not named.Read more
Aldo Rossi-designed hotel sold
A long-closed Aldo Rossi-designed hotel in Osaka has been sold. According to the Nikkei Real Estate Market Report, Sumitomo Mitsui Trust Panasonic Finance acquired the closed hotel late last year.Read more
Temple wins appeal over tax bill
A temple in Osaka has won an appeal trial over the taxation of land within the temple grounds, resulting in the cancellation of a 4.8 million Yen tax bill. Under the Religious Corporations Act, temple and shrine land is normally not taxed unless it is for commercial use.Read more
Expected yields on Japanese real estate remain at historic lows
Despite the turmoil happening in some overseas commercial real estate sectors, investors in Japanese real estate continue to anticipate record-low yields. That may be due in part to low interest rates which make it one of the few places with a positive yield spread over government bonds. The latest investor survey by the Japan Real Estate Institute in April shows expected yields have either remained the same or dropped, depending on the asset class and location.Read more
Tokyo rents continue 3-month record-high streak
In March, average apartment rents in Tokyo, Kanagawa, Saitama and Chiba all saw a year-on-year increase due to both a continued increase in the share of newer apartments commanding higher rents as well as being the peak moving season. Read more
Apartment rents in greater Tokyo increase for 3rd month
The average monthly rent of a condominium-type apartment across greater Tokyo (Tokyo, Kanagawa, Saitama, and Chiba prefectures) was 3,391 Yen/sqm in January, up 1.6% from the previous month and the 3rd month in a row to see a month-on-month increase.
Record high apartment prices in Osaka
Rising residential prices are being felt nationwide as construction costs remain high. This year, the most expensive apartment building in the Kansai region will go on sale, creating a new price record.
Apartment asking prices climb 13.2% in 2022
The average asking price of a 70 sqm (753 sq.ft) second-hand apartment across the greater Tokyo region in 2022 climbed 13.2% to 47,160,000 Yen. This was the second year in a row to record double-digit growth.
Righa Royal Hotel to be sold to Canadian fund
Osaka’s Rihga Royal Hotel will be acquired by BentallGreenOak (BGO), a Canadian real estate investment firm. Although the price was not disclosed, it is estimated to be somewhere around 50 billion Yen (approx. US$385 million). Operations by Royal Hotel are expected to continue post-sale.