Sendai's property bubble
Somewhat sensationalist magazine Nikkan SPA has reported that Sendai is experiencing a property bubble brought on by the reconstruction work following the Tohoku disaster.Read more
Town in Fukushima demands 19.2 billion Yen in compensation for lost real estate
The town of Futaba, which fell within the exclusion zone around the Fukushima nuclear plant, is demanding 19.2 billion Yen (234 million USD) in compensation from TEPCO for the loss of use of the town's real estate.
The town is claiming damages for loss of use to town-owned land, government buildings and schools. There are a total of 51 unusable buildings that were mentioned in the claim. A representative from TEPCO said this was the first time they received a real estate related claim from a town or city.Read more
An update on building damage from the Tohoku earthquake
Just after the March 11 Tohoku earthquake it was announced that zero buildings had collapsed, which everyone naturally assumed was a testament to the strict building codes in Japan.
However, it has now been acknowledged that 100 apartment buildings in Sendai city have been completely destroyed.
Six hotels demand compensation from TEPCO
Six hotels in Akita Prefecture are seeking a total of 12.8 million Yen (166,000 USD) in compensation from TEPCO. The hotels claim that the nuclear power plant disaster has led to cancellations from foreign visitors, which has reduced their operating revenue.
The hotels are part of the Akita Prefecture Ryokan Association. The Association submitted the claim for compensation to TEPCO on their behalf. The claim by each hotel ranges from 120,000 to 5,200,000 Yen.Read more
Tsunami-hit homeowners to receive 80% of former land values
The town of Shinchi in Fukushima Prefecture will soon begin the process of buying up land in coastal areas from residents who have been displaced from the March 11 tsunami. This is the first town to announce official plans and set purchase values.
The land will be purchased at 80% of the government assessed land values (koji-chika) that were valued prior to the disaster.
There are five towns and cities along the tsunami-hit coastline, incuding Minamisoma, Soma, Iwaki, Hirano and Shinchi, that plan to relocate residents to higher ground. In Shinchi, 500 homes were fully or partially destroyed by the Tohoku earthquake and tsunami.Read more