Gojo-rakuen, a former red-light district between Gojo and Kiyomizu-Gojo Stations and along the western side of Kamo River, is now a hotspot for fast-moving investors. The neighborhood is undergoing rapid gentrification into a trendy tourist district, while land values are seeing strong growth.
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Kyoto’s shortage of office space is becoming critical as vacancy rates drop below 1%. With a booming tourist industry, developers have been focusing on building hotels, leaving very little supply of new offices.
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Kyoto City is fast becoming a hotspot for out-of-towners buying holiday homes.
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On October 8, Mitsubishi Jisho Residence announced a new condominium project for central Kyoto. The most expensive apartment in the building will be priced at over 700 million Yen (5.85 million USD). According to the Real Estate Economic Institute, this is the most expensive apartment to be released for sale in West Japan in the past 20 years. With a price of around 2,440,000 Yen/sqm (1,895 USD/sq.ft), it is similar to the current price of luxury high-rise apartments in central Tokyo.
The Parkhouse Kyoto Kamogawa Gosho-Higashi is located alongside Kyoto’s Kamo River and is 250 meters east of the Kyoto Imperial Palace. This will be the first condominium to be built alongside this river since 2004.
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