A recent attempt by Kyoto City to save its historic machiya townhouses has only resulted in 5 out of 170 properties avoiding demolition. Back in 2016, a survey found that as many as 800 traditional machiya townhouses in Kyoto were being demolished each year. With an estimated 40,000 machiya in the city, they could vanish within the next 50 years, leaving no trace of the city’s merchant past.
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According to the Kyoto Shimbun newspaper, offshore investors are out in force buying up real estate in Kyoto, with property prices in the historic city considered comparatively inexpensive.
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On July 5, NTT Urban Development Corporation announced a management agreement with Capella Hotels & Resorts to open Capella Kyoto in the Higashiyama district.
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On May 1, real estate developer Mori Trust announced the acquisition of 2,300 sqm of land in Kyoto’s Gion district with the aim of creating a luxury hotel of an international standard.
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The conversion of the historic former Nintendo headquarters in Kyoto will open as a boutique hotel this April. Called ‘Marufukurō’, it is named after Marufuku, the name of the previous corporate incarnation of Nintendo.
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Kyoto City is looking at introducing a special tax on vacant ‘akiya’ homes, in what could become the first akiya tax in Japan.
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With domestic tourism recovering, luxury hoteliers are focusing their attention on the historic city of Kyoto.
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The former home of noted theoretical physicist and Nobel laureate Hideki Yukawa (1907-1981) has been donated to Kyoto University.
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The operator of a luxury, boutique hotel in Hakone has been selected as the successful bidder for a historically significant site in Kyoto City.
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A Kyoto-based asset management and real estate company acquired a historic ryotei-style restaurant in the city’s Higashiyama district in July.
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