Overseas buyers seeking hot spring ryokans
Offshore buyers are on the hunt for hot spring resorts and traditional ryokans in Shizuoka’s Izu Peninsula, according to a recent article in Diamond Online. The article quotes an onsen and hotel broker that received over 200 inquiries in May alone from buyers looking to acquire accommodation facilities across the country, with 70% of those looking for luxury hot spring ryokans around Izu, Hakone, and Mt. Fuji.
Quick real estate news summary for the week
Shibuya office building sells for 6 billion Yen, Hilton to open in Miyakojima, Hankyu closes hotels, and Gifu and Mie both to see largest condo projects in history. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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.