Luxury hotels fill gap in Kyoto's high-end hospitality sector
With domestic tourism recovering, luxury hoteliers are focusing their attention on the historic city of Kyoto.
Karuizawa resort condos sell out
On November 29, real estate company ES-CON JAPAN announced that all 37 resort-style apartments developed in conjunction with Ost Development G.K. in Karuizawa had sold out prior to completion.
Apartment affordability ratios across Japan in 2020
In 2020, the average price of a 10-year old second-hand apartment nationwide was 5.92 times the average income, according to a report by Tokyo Kantei. Housing has become more expensive compared to 2019, which had a multiple of 5.52.
An apartment in Shinjuku for 99 Yen a month?
Who said living in Tokyo was expensive? IKEA Japan is offering a furnished rental apartment in Shinjuku for just 99 Yen (US 86 cents) a month.
50-yr old apartment building in Shinjuku to be refurbished
A former luxury rental apartment building in Shinjuku is undergoing a full refurbishment. Rather than follow the standard practice of demolishing and rebuilding from scratch, the 50-year old building will be stripped back to its concrete structure, retrofitted and renovated.
2021 sees continued demand for real estate in Tokyo
Although Tokyo’s office vacancy rate has been climbing for the past 20 months, institutional investors are not shying away from the nation’s capital. With vacancy rates on the rise and rents falling, real estate prices should typically decrease. However, in a low interest rate environment investors are content with lower yields and are paying more to secure prime real estate.
Tokyo office vacancy rate climbs for 20th month
According to brokerage Miki Shoji, the average vacancy rate for office space across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya reached 6.47% in October, up 0.04 points from the previous month and up 2.54 points from last year. This is the 20th month in a row to see an increase.