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.

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Ishikawa Prefecture’s most expensive apartments go on sale

The most expensive apartments developed in Ishikawa Prefecture since the end of the bubble era went on sale last week. The 114 apartments in The Residence Kanazawa will share the building with the Hyatt House Kanazawa hotel.

Apartments in the first round of sales were priced from 30.4 ~ 199.8 million Yen (approx. 270,000 ~ 1,775,000 USD). The largest apartment on offer is a 180.77 sqm (1,945 sq.ft), four-bedroom unit priced at 199.8 million Yen. The building is due for completion by April 2020.

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Kanazawa City finds success matching machiya with new residents

On August 9th, Kanazawa City announced a record number of contracts between Kanazawa-style machiya townhouse owners and buyers and tenants in 2017. A total of 12 contracts were signed in 2017.

The program is run by the city through their Kanazawa Machiya Information Center, which connects owners and agents with people looking to utilize the historic homes. The city’s service, which started operations in 2011, typically finds anywhere from 1 ~ 7 matches per year, but the opening of the Center in late 2016 has made it easier for interested owners and users to connect. The system operates similarly to many of the vacant home banks operated by local municipalities across the country. With the cooperation of the Ichikawa Prefecture Society of Architects and Engineers, machiya-style homes are registered online, with transaction support provided by the Ishikawa Takken Association.

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