New apartment supply drops 8% from last year
According to the Real Estate Economic Institute, the supply of brand-new apartments released for sale across greater Tokyo in August dropped 8.2% from last year to 1,669 units. This time last year saw the release of several hundred apartments in the Harumi Flag Athlete’s Village conversion project on Tokyo Bay.
Osaka sees steep drop in registered short-term accommodations
Almost a third of Osaka’s short-term ‘minpaku’ listings have been deregistered by their hosts since the start of the pandemic.
Historic ryokan sells for ¥212 million
The city of Fuchu in Hiroshima Prefecture will be purchasing a historic ryokan for an estimated 212.5 million Yen (approx. US$2 million).
Quick real estate news summary for the week
New hotel opens in Karuizawa, typhoon damage to Japan’s oldest apartment building, and office rents drop for the first time in 7 years. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Tokyo second-hand apartment transactions reach highest level since 1990
August was a bumper month for second-hand apartment sales in greater Tokyo. In fact, it was the busiest month of August since REINS began recording data in May 1990.
Foretseine Shibuya Tomigaya showroom to open later this month
Real estate developer Mori Trust will be opening the showroom for its latest luxury condominium in Tokyo on September 26. The low-rise condo is located near Yoyogi Park and the bustling Shibuya shopping district.
Design for new Harajuku retail building released
The exterior and rooftop design for the newest retail complex at the crossing above Meiji-Jingumae Station in Harajuku has been released.