Kyoto’s most expensive apartment building is almost sold out

Kyoto City’s most expensive apartment building since 1995 is already close to selling out prior to the start of official sales. 90% of the apartments in The Kyoto Residence Gosho-Higashi have already been pre-sold to buyers, with the remaining 4 units offered in the first round of public sales held on October 13th. The four apartments are priced from 105 to 157 million Yen (approx. 935,000 ~ 1,400,000 USD). With an average price of around 1,600,000 Yen/sqm (approx. 1,325 USD/sq.ft), this is the most expensive apartment building to go on sale in the city since 1995. It has beaten a previous record set in 2015 by The Parkhouse Kyoto Kamogawa Gosho-Higashi which had an average price of between 1,300,000 ~ 1,400,000 Yen/sqm when new.

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Housing starts in Kyoto drop 13.1% in 2017 as hotel construction overtakes apartments

Housing starts in Kyoto Prefecture saw a year-on-year drop of 13.1% in 2017 to 14,790 units, the second lowest level seen in the past 10 years. This is also the second year in a row to see a decline in new construction.

This has been attributed to a steep rise in the construction of hotels in Kyoto’s city centre, with developers choosing to focus on building hotels rather than apartment buildings. Construction of apartments has halved as a result. The tourism boom and demand for hotels has put pressure on land prices, causing them to reach a level where the land is no longer profitable for an apartment development. 

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Kyoto approves minpaku rule requiring host to be within 10 minute radius of property

On February 23, Kyoto City approved a local ordinance that will impose strict rules on hosts of unlicensed short-term ‘minpaku’ accommodation.

For properties located in exclusive residential zones, hosts can only provide accommodation for a maximum of 60 days per year and only during the off-season winter months from January 15 to March 15. Both traditional machiya townhouses and properties where the host also lives on the premises may be exempt if certain requirements are met.

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Kyoto to see 12,000 new hotel rooms by 2020

A survey by the Kyoto Shimbun has estimated that there will be approximately 12,000 new hotel rooms supplied in the city by 2020, a 40% increase from 2015. This is 20% more than the 10,000 rooms required to eliminate the current room shortage.

The city had a total of 33,887 rooms as at the end of 2016, a 4,000 room increase from 2015. By 2020 there will be a total of 42,000 rooms. The data measured by the city does not include small-scale accommodation facilities like guest houses, which means the total could be much higher.

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Kyoto’s proposed short-term letting rules to be strictest in country

On November 30 Kyoto City announced their proposed regulations for Airbnb-style short-term rentals. To provide support for complaints and emergency situations, hosts may be required to have a full-time manager stationed in an office within an 800 meter radius of the property. Hosts may also be required to submit a written oath to the city stating that they have not been operating an unlicensed BnB within the past 3 months.

These regulations will over-ride the new nationwide law set to go into effect from June 2018 that will allow overnight stays in non-hotels for up to 180 nights per year.

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