Atami hotel project withdrawn
Tokyu Land has withdrawn plans for the development of a membership-hotel on city-owned land in the hot spring resort city of Atami, citing concerns over viability amidst the ongoing pandemic.
Has the pandemic affected the supply and price of new and existing apartments?
Research provider Tokyo Kantei has released several reports looking at the state of Japan’s apartment market amidst the coronavirus pandemic, and it’s not all doom and gloom. Let’s take a look at some of the findings below.
Mortgage relief in the works for struggling homeowners
The Financial Services Agency (FSA) and the Japanese Banker’s Association are looking at introducing special measures to provide reductions or exemptions in home loan repayments to those struggling from a loss in income as a result of the coronavirus pandemic. This will provide a much-needed safety net for borrowers.
How long did it take to sell an apartment in the first half of 2020?
How long were apartments sitting on the market and how much of a discount did they trade at? The below is summarized from a recent report provided by Tokyo Kantei that looks into any impacts that the coronavirus pandemic may have had on Japan’s residential real estate market in the first half of 2020.
Quick real estate news summary for the week
Prices of investment-grade condos on the rise, time-share offices as an alternative to co-working spaces, Okinawa hotels hit with cancellations following State of Emergency declaration, and Suruga Bank sees more share house loan cancellation requests. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Office vacancies worsen for 5th month
Tokyo’s office vacancy rate worsened for the fifth month in a row in July as the commercial sector feels the pain of the coronavirus pandemic. According to office brokerage Miki Shoji, the office vacancy rate in Tokyo’s five business districts reached 2.77% in July, up 0.80 points from the previous month, and up 1.06 points from last year. This is the highest vacancy rate seen since March 2018 when it was 2.80%, and the highest monthly jump since the company began recording data in 2002.
What has changed in the real estate industry since Covid-19?
Now that we are many months into the pandemic, has anything changed about the way the real estate agencies are operating? For the most part, business has returned to usual, with some adjustments.