Suruga Bank restarts investment lending
According to several real estate companies, Suruga Bank has restarted lending on investment properties. Two years have passed since the bank found itself at the center of questionable lending schemes that saw it providing finance to over 1,200 investors in a wide-spread share house investment scam. The scandal saw the bank slapped with a six month ban on investment lending by the Financial Services Agency.
Tokyo Apartment Sales in February 2020
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2020:
Bankruptcies continue at Japan’s ski resorts
Japan is seeing a growing number of ski resorts file for bankruptcy as warmer winters are causing less snowfall and shorter ski seasons. Over the past 20 years there have been 52 ski field operators file for bankruptcy. As global temperatures continue to rise, more closures are expected to follow.
Agency to call in fraudulently obtained Flat35 home loans
The Japan Housing Finance Agency has begun calling in Flat35-type loans that were fraudulently obtained by investors. These home loans are designed for owner-occupiers, not investors, offering borrowers a low, fixed-rate mortgage over the duration of the loan.
Okinawa’s military land attracting out-of-state investors
The percentage of land under Japanese and US military bases in Okinawa is increasingly being held by investors from outside the prefecture. As of 2018, 9% of the 44,523 landlords were located outside of Okinawa, a 3 point increase (or around 1.4 times the number of landlords) from 2012.
Kanazawa luxury condo sells out
A luxury condo development in Kanazawa, Ishikawa Prefecture, has sold out. The Residence Kanazawa forms part of a mixed-use project that includes the Hyatt House and Hyatt Centric Kanazawa Hotel.
Nationwide supply of new condos in 2019 hits 43-year low
The total number of brand-new condos supplied for sale across Japan in 2019 reached the lowest level since 1976. Supply dropped by 12.0% from the previous year to 70,660 units. The greater Tokyo region saw a 15.9% drop, while the Kinki region (which includes Osaka) saw a 13.9% drop. In 1994, annual supply peaked at 188,343 units.