Hyatt to open in Sapporo
On June 28, NTT Urban Development announced that Hyatt Hotels Corporation will by opening the Hyatt Centric Sapporo in NTT’s Sapporo Kita 1 Nishi 5 Project.
Sapporo’s most expensive apartments go on sale
Like other cities across Japan, Sapporo is no stranger to rising home prices. New apartment prices have risen by 37.3% over the past ten years. One new luxury condominium in the city has gone on sale this June with all apartments priced over 200 million Yen.
New brand moves into historic hotel in Otaru
Boutique ryokan developer and operator Hoshino Resorts has taken over a bankrupt hotel in Otaru, Hokkaido, with plans to re-open it this winter under their OMO brand.
Land values drop nationwide for second year, but increase in Tokyo
Japan’s Standard Land Prices were announced yesterday by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). The national average dropped by 0.4% from last year. This is the second year in a row to see a decline, but it is a slight improvement from last year’s 0.6% drop. The nationwide average has been in the negative for 27 of the past 30 years.
Hokkaido sees 12% more offshore investors between 2019 and 2020
A survey by public broadcaster NHK has found that the there were 4,406 buildings and land parcels in Hokkaido owned by foreign funds and corporations as of January 2020. This is a 12% increase from 2019. Even with the international travel bans, some industry experts say acquisitions have continued throughout 2020 as foreign investors are confident that things will return to normal post-covid.
Yubari Resort to file for bankruptcy citing pandemic-induced tourism downturn
Only a year after purchasing the resort and related hotels, the owner-operator of the Yubari Mount Racey Ski Resort is filing for bankruptcy. The closure of the city’s only ski resort and the only three hotels nearby have devastated the local tourism industry.
Quick real estate news summary for the week
Homebuilder to provide antiviral coating in new homes, Takanawa condo goes on sale, and Sapporo to have highest tower in Hokkaido in 2023. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.