Japan Real Estate News – Page 90 – JAPAN PROPERTY CENTRAL K.K.

Daikanyama’s Hillside Terrace turns 50

Hillside Terrace, a local landmark in Daikanyama, turns 50 this year. The retail, commercial and residential complex was built over several stages starting in 1969.

by Zoe Ward

Tokyo Bay’s largest retail complex to open in 2020

Sumitomo Realty & Development has released details on their mega retail project for Ariake island in Tokyo Bay.

by Zoe Ward

Hokkaido gives up on integrated resort bid

A concept for an integrated resort in Tomakomai, Hokkaido.

On November 29, Hokkaido Governor Naomichi Suzuki announced that the prefecture is backing out of the race for Japan’s first integrated resort (IR). The decision was made due to environmental concerns.

by Zoe Ward

Property tax abatement may be extended

The government is firming up plans to extend the special tax reduction on annual property taxes that applies to new construction. It is hoped that the planned extension would help alleviate the added costs in buying new housing after the consumption tax rate was increased to 10% last month.

by Zoe Ward

Homeowner associations unprepared for foreign investors

The Nikkei Shimbun recently reported on issues faced by homeowner associations in buildings with a large number of foreign owners.

A survey by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) in 2015 found that 85% of the surveyed real estate companies reported an increase in sales to foreign buyers over the past 10 years. Some reported that the cheaper, older buildings were providing popular, as long as they were in good locations.

by Zoe Ward

Median sale price of new apartments up 2.1%

According to the Real Estate Economic Institute, the median price (not the average) of a brand-new apartment released for sale across greater Tokyo in the first half of 2019 was 53,990,000 Yen, up 2.1% from the first half of 2018 and up 4.0% from 2017. The average price, meanwhile, was 61,370,000 Yen, up 2.9% from 2018 and up 4.3% from 2017.

by Zoe Ward

Kanazawa hotel market reaches over-supply

Kanazawa’s hotel market is rapidly reaching over-supply as developers move to cash in on growing tourist numbers.

The city saw a surge in developments following the extension of the Hokuriku Shinkansen route connecting Nagano and Kanazawa in 2015. The number of hotel rooms in the city has increased by 20% since then. Demand, however, has yet to catch up.

by Zoe Ward