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.
Office buildings see improved earnings rate in 2022
On November 29, the Japan Real Estate Institute released its six-monthly report on the total earnings rate (rental income and capital gains) of office buildings in central Tokyo.
Tokyo’s rents increase for first time in 6 months
The average monthly rent of a condominium-type apartment in Tokyo’s 23 wards was 3,820 Yen/sqm in October, up 0.6% from the previous month. This is the first month-on-month increase in 6 months. Rents are down 0.3% from last year.
Osaka to demolish 99-yr old official residence
The Osaka Prefectural government is considering demolishing the 99-year old official prefectural governor's residence. The historic home had been occupied by many governors over the past century but there have been growing concerns over its safety in the event of an earthquake.
Tokyo apartment rent hits 2.5 year low
In September, the average monthly rent of a condominium-type apartment in the Tokyo metropolitan area was 3,712 Yen/sqm, down 0.3% from the previous month and last year, and the lowest level seen in 12 months. Neighboring Saitama and Chiba both saw rents fall by 1.0% and 1.7% from the previous month, although they are still higher than they were 12 months ago.
Patina hotel to open in Osaka in 2025
Capella Hotel Group is planning to open a Patina Hotels & Resorts-branded property in Osaka by 2025. This will be the second hotel under this luxury brand to open worldwide, following the Patina Maldives in 2021.