Okinawa’s construction costs increase for 8th year in a row
According to Tokyo Shoko Research, the average construction cost in Okinawa Prefecture reached 224,800 Yen per square meter (approx. 193 USD/sq.ft) in 2018, up 0.6% from 2017 and the 8th year in a row to see an increase. Costs are approximately 36% higher than they were in 2010.
Luxury apartments planned for historic art deco building
Real estate developer Mitsui Fudosan Residential is planning a large-scale, luxury apartment project for the former Tokyo Service Center building in central Tokyo.
120-yr old Mitsui Besso in Karuizawa at risk of demolition
The recent sale of the original Karuizawa holiday home of Saburosuke Mitsui (1850-1912) to a buyer from an offshore tax haven has locals worried the historic house may soon be demolished.
Foreign funds return with force in 2019
With ultra-low interest rates and one of the highest yield gaps in international cities, foreign funds are increasingly turning their attention towards real estate in Tokyo and the rest of Japan.
Tokyo apartment prices increase for 6th month
According to REINS, a total of 3,233 second-hand apartments were reported to have sold across greater Tokyo in July, down 7.4% from the previous month but up 3.0% from last year. The average sale price was 34,420,000 Yen, up 2.4% from the previous month and up 2.4% from last year. The average price per square meter was 535,100 Yen, up 1.4% from the previous month and up 2.6% from last year. This is the 6th month in a row to see a year-on-year increase.
Tax bureau busts foreign investors in Niseko
The Sapporo Regional Taxation Bureau has identified several domestic and foreign real estate companies and investors for failing to declare income made on real estate transactions in Niseko. Some say this recent bust may just be the tip of the iceberg.
Real estate developers are bringing luxury hotels to Japan
With a shrinking residential property market nationwide and an office market that is limited to prosperous city centers only, Japan’s real estate giants have to diversify in order to survive. That diversification is coming from developing hotels.