Osaka’s leaning apartment buildings ignored for 8 years
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.
Osaka’s One Dojima Project to include Four Seasons Hotel
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.
Land values drop for first time in 6 years
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.
Osaka Metro loses millions on minpaku mansion
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.
More locations see land prices rise in Q4
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.
Nationwide supply of new apartments drops to 44-year low
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.
Traditional estate in Osaka to be sold in March
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.