Record high apartment prices in Osaka
Rising residential prices are being felt nationwide as construction costs remain high. This year, the most expensive apartment building in the Kansai region will go on sale, creating a new price record.
Righa Royal Hotel to be sold to Canadian fund
Osaka’s Rihga Royal Hotel will be acquired by BentallGreenOak (BGO), a Canadian real estate investment firm. Although the price was not disclosed, it is estimated to be somewhere around 50 billion Yen (approx. US$385 million). Operations by Royal Hotel are expected to continue post-sale.
Patina hotel to open in Osaka in 2025
Capella Hotel Group is planning to open a Patina Hotels & Resorts-branded property in Osaka by 2025. This will be the second hotel under this luxury brand to open worldwide, following the Patina Maldives in 2021.
Osaka Marubiru to be demolished
The circular Osaka Marubiru office tower in Umeda will be redeveloped, with construction set to start next year.
Same day sellout in Brillia Tower Dojima
One of the most luxurious apartment towers to be built in Osaka is already proving a hit with buyers with all apartments released in the first round of sales receiving purchase applications.
Land values drop nationwide for second year, but increase in Tokyo
Japan’s Standard Land Prices were announced yesterday by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). The national average dropped by 0.4% from last year. This is the second year in a row to see a decline, but it is a slight improvement from last year’s 0.6% drop. The nationwide average has been in the negative for 27 of the past 30 years.
Osaka sees steep drop in registered short-term accommodations
Almost a third of Osaka’s short-term ‘minpaku’ listings have been deregistered by their hosts since the start of the pandemic.