Building in Saitama sells for minus 7 million Yen
A long-vacant school gymnasium building and land in Saitama Prefecture sold for a negative amount last December. The seller, Fukaya City, will pay 7,950,000 Yen to the buyer of the property. This is the first case in Japan of an auction being held with a negative starting price for bidding.
First Banyan Tree Hotel to open in Kyoto
Banyan Tree Hotels & Resorts has chosen Kyoto City as the location of their first hotel in Japan.
Jingumae 6 Chome redevelopment gets city approval
On February 15 the Tokyo Metropolitan Government approved construction plans for the Jingumae 6 Chome district redevelopment. The site is located in a prime retail position at the corner of Omotesando Avenue and Meiji Dori Street and above the Meiji-jingumae subway station.
Tokyo Apartment Sales in February 2019
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2019:
One of Shibuya's oldest homes hits the market
A traditional Japanese house in the heart of Shibuya is currently on the market for 2.27 billion Yen (approx. 20.3 million USD).
5 billion Yen Toranomon penthouse rumored to have sold off-the-plan
A penthouse in Toranomon is rumored to have sold off-the-plan for 5 billion Yen (approximately 45 million USD), making it potentially one of the most expensive apartments to have sold in Japan. Naturally, details are sparse and unconfirmed.
Existing apartment sales exceed new construction as prices continue to rise
According to REINS, a total of 37,217 second-hand apartments were reported to have sold across greater Tokyo in 2018, down 0.3% from 2017, but the 3rd year in a row to see transactions above 37,000 units. Sales of existing apartments have exceeded new construction, with 37,132 new apartments released for sale during the year.