Quick real estate news summary for the week
Department store divests of real estate arm, 124-meter tall aged-care home for Nishiazabu, and office tenant hit with 700 million Yen penalty for canceling lease application. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Old department store in Yamagata up for foreclosure
The Onuma Department Store in Yamagata City is up for foreclosure later this month, with a minimum bid set at 186,768,000 Yen (approx. US$1.8 million). Yamagata District Court will accept sealed-bids from November 24 to December 1, with bids to be opened on December 3. The department store closed its doors in January 2020 after filing for bankruptcy, making Yamagata City the only prefectural capital in Japan to be without a department store.
Kyoto’s hotels see conditions improve for fourth month
According to the Kyoto City Tourism Association, hotel occupancy rates are slowly on the rise as the historic former capital recovers from the coronavirus pandemic. Conditions have improved for the past four months, and Japanese guest numbers are close to 80% of what they were pre-pandemic.
Quick real estate news summary for the week
Homebuilder to provide antiviral coating in new homes, Takanawa condo goes on sale, and Sapporo to have highest tower in Hokkaido in 2023. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Yoku Moku acquires Omotesando retail building
Long-established confectioner Yoku Moku has acquired a commercial building across the street from their flagship Aoyama store.
Demolition starts on 47-year old apartment building in Takeshiba
Demolition has started on the Hamamatsucho Business Mansion apartment block near Takeshiba Station in Tokyo. This is just the 4th condo-style apartment building in Tokyo to be redeveloped under recent regulations governing the sale of land under aging apartment blocks, and the first of its kind in Minato ward.
NTA says no to revising rosenka land tax values
Bad news for some as the National Tax Agency (NTA) has decided not to re-adjust rosenka land tax values in light of the pandemic. It seems that land values have not fallen enough to trigger any revision.