No disclosure requirements for natural deaths, MLIT
On October 8, the Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) announced the new guidelines for disclosing stigmatized properties to future tenants and buyers. Up until this point, there have been no clear rules on when or what to disclose to a potential occupant, leaving it up to the real estate brokers to follow their own practices. This has been a frequent cause of trouble and confusion.
Luxury apartment sales surge in Tokyo
The luxury condominium market in Tokyo has been surging in the face of the pandemic.
Greater Tokyo apartment prices increase for 17th month
According to REINS, a total of 3,176 second-hand apartments were reported to have sold across greater Tokyo in September, down 4.6% from last year. This is the 3rd month in a row to see a year-on-year drop in transactions.
Modernist city hall priced too cheaply, critics say
The former Yokohama City Hall, designed by famed architect Togo Murano and built in 1959, is still awaiting a final decision regarding its fate with some arguing that it has been priced too low.
Office vacancy rate hits 7 year high
The average office vacancy rate across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya reached 6.43% in September, up 0.12 points from the previous month and the highest level seen since June 2014 when it was 6.45%.
Touring the most expensive residential land in Japan
The Akasaka/Toranomon district is one part of Tokyo that is beating property price trends, despite the pandemic. It is home to the most expensive residential land in Japan. Exploring the neighborhood will help to explain why it is outperforming the others.
Solar farms may soon be allowed on abandoned land
The government has firmed up details on a proposal to expand the usage options of abandoned land across the country. The goal is to make the land available for disaster preparation facilities, and renewable energy plants.