Hiroshima’s Naked Island sold

Hiroshima Sukune IslandSukune Island in Hiroshima Prefecture sold at public auction to a private bidder for 7,788,800 Yen. The price was a little over 3 times the evaluation price set by the court. 

A total of 10 bids were made on the 7400 sqm island. The winning bidder is the manager of a rental apartment building in nearby Fukuyama City. The 73-year old does not have immediate plans for the island.

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Understanding the lifespan of a Japanese home or apartment

Japan HouseAre second-hand homes really that bad?

There is a common opinion in Japan that brand new homes are a safer and less risky purchase than pre-owned ones. But, all old homes were new at one stage. Whether they are new or old, all buildings will deteriorate over the years in some form or another.

The second-hand housing market can be referred to as a ‘lemon market’. As described by economic George Akerlof in his 1970 paper ‘The Market for Lemons: Quality Uncertainty and the Market Mechanism‘, there can be good used cars and bad used cars. Similarly, the second-hand housing market may contain well-maintained and cared for homes, but can also contain just as many neglected and defective homes. On the outside, they may all appear the same, but the ‘rotten’ homes out there destroy buyers’ faith in the market and drag prices down.

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Chuo-ku facing challenging road to Olympics

The bayside area in Chuo-ku, Tokyo, including Kachidoki and Harumi, is seeing a surge in development and high demand from buyers following the Olympic announcement several months ago. But there are concerns that the current infrastructure may not cope with the rising population, which is expected to grow by 30% in coming years.

Large supply of apartments in the pipeline

Developers are now racing ahead to build new condominiums in bayside sites that had previously laid dormant for several decades.

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