Oldest merchant house in Kanto region demolished
Demolition of the Mizumura Residence in Kawagoe, Saitama, started on April 24. Built in the 1700s, this is said to have been one of the oldest surviving machiya townhouses in the Kanto region.
Daiwa House offering 3-month rent deferment to 500,000 tenants
On April 22, Daiwa House announced that they will be offering a three month rental-deferment plan to approximately 500,000 of their residential tenants. The company understands that tenants may be struggling with finances due to the economic impact of the global coronavirus pandemic and is offering this without the need for tenants to prove any proof of loss in income.
Tokyo apartment sales drop by over 50% as pandemic hits buyer sentiment
Reported sales of existing apartments across Tokyo’s 23 wards have sunk to record lows this month as the coronavirus panic and state of emergency scares buyers from making big purchases.
Construction stalls amidst coronavirus shutdown
Major construction companies are temporarily shuttering building sites across the country in an effort to curb the spread of the novel coronavirus as the government declares a nationwide state of emergency.
New apartment supply drops 35.8% in March
According to the Real Estate Economic Institute, 2,142 brand-new apartments were released for sale across greater Tokyo in March, down 35.8% from last year. This is the lowest level seen for the month of March since 1992.
A total of 1,500 apartments sold within the first month of sales, resulting in a contract ratio of 70.0% - a 2.2 point decrease from last year.
Never waste a good crisis: Where are the current opportunities in Japan’s real estate market?
We have been receiving quite a few inquiries over the past couple of months from buyers looking to pick up some bargains amidst the current turmoil. After several years of being a strong sellers' market, the real estate market in Japan has made an abrupt about-turn and has shifted into a buyers' market from around mid-March onwards.
And yes, while there are some bargain sales out there, buyers need to know where to look.
Tokyo office vacancy rate increases for first time in 9 months
In March, the office vacancy rate across Tokyo’s central five business districts increased for the first time in 9 months. The vacancy rate reported by Miki Shoji was 1.50%, up 0.01 points from the previous month, but down 0.28 points from last year.