Sale transactions might finally be approved for video conferencing
On October 12, the Nikkei Shimbun reported that the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) is considering making it legal to conduct part of the real estate sale transaction over video conferencing. Currently, the due diligence report, outlining all of the important details pertaining to the property, must be read aloud in person in front of the buyer before the purchase agreement is signed.
Telework trend delays Nagoya's 400-meter long office project
Nagoya Railroad, aka Meitetsu, has delayed the construction of a 400-meter long office tower for the Nagoya Station area citing high construction costs and a change in tenant demand as a result of the coronavirus pandemic.
Kyoto City may relax building height limits
Kyoto City is considering relaxing its strict building height limits on a case-by-case basis. Some locals, however, are concerned that could ruin the character of the historic former capital.
Quick real estate news summary for the week
Tokyo’s office vacancy rate worsens for 8th month, owner-build house starts hit 55-year low, and Aichi’s population shrinks for first time since 1956. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Construction starts on Toranomon's latest office tower
Construction has started on a 180-meter tall office tower in Tokyo’s Toranomon district. The Toranomon 2 Chome District Redevelopment project is located on the same block as the 90-meter tall Toranomon Hospital and the recently-sold 170-meter tall JT Building.
Avex looks to sell Omotesando headquarters
On November 10, Toyo Keizai Online reported that major music producer Avex is making moves to sell its 18-story headquarters in Minami Aoyama, Tokyo. Avex would then lease the building back from the buyer.
Tokyo apartment discounts in October
October was an outstanding month for existing apartment sales, with transactions in the Tokyo metropolitan area up 10.7% from September and up 33.5% from October 2019. Across greater Tokyo, transactions hit the highest level since data-keeping began in 1990.
What about discounts?