Average discount on an apartment sold in 2020
According to Tokyo Kantei, the average percentage discount between the list price and sale price of a second-hand apartment across greater Tokyo reached a 10-year low in the second half of 2020. In other words, discounts are shrinking.
Former ryokan in Gotanda to become 30-story condo
Asahi Kasei Realty & Residence Corporation is planning a 30-story apartment building for the site of a former ryokan in Gotanda, Tokyo. This property was at the center of a notorious land swindle in 2017 that saw another developer lose 5.5 billion Yen to fraudsters that pretended to own the land.
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.
Nakano Sun Plaza to be redeveloped by 2028
Nakano Sun Plaza, a 48-year old hotel and concert building in Tokyo’s Nakano ward, will be demolished in 2024 and replaced with a new mixed-use building by 2028. The 181 billion Yen (approx. 1.7 billion USD) project will include a 235-meter tall mixed-use office and residential tower with a concert hall and hotel on the lower floors.
Quick real estate news summary for the week
Sapporo’s oldest capsule hotel closes, apartment rents hit a record high, and Keio Plaza Hotel to offer monthly stays. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Ultra-luxury rental apartments for long-idle Daikanyama site
Mitsubishi Corporation Urban Development is starting work on a luxury rental apartment building development in Daikanyama, Tokyo.
Office high-rise now planned for former TSK Building site in Roppongi
There are signs of life on the site of a now-demolished scandal-ridden building in Roppongi.