113-year old house in Setagaya may be demolished
Unless a last-minute deal can be struck, the historic former home of Yukio Ozaki (1858-1954), a revered politician nicknamed the ‘father of the Japanese Constitution’, is likely to be demolished very soon.
Apparel company sells flagship Ginza building
On July 17, apparel giant Sanyo Shokai announced the sale of their flagship building in Ginza. Temporary store closures during the pandemic have hit the brick-and-mortar retail sector hard, with some cashing out of their real estate holdings to shore up cash reserves. Real estate developers are having a field day as struggling companies reach out to offload long-held and highly-prized assets.
Quick real estate news summary for the week
Tokyo apartment rents reach a record high, a condo in Tokyo Bay to include shared office space for residents, Nara welcomes a new international hotel, and agents now required to provide information about flood risks. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Fujitsu plans to halve office space
Fujitsu is planning to reduce its office space by as much as 50% over the next three years as the company prepares for a permanent shift to telecommuting.
Showroom closures see new apartment supply hit 47-year low
The supply of brand new apartments released for sale across greater Tokyo in June dropped 31.7% from last year to 1,543 units. This is the 10th month in a row to see a year-on-year drop, although it is a four-fold increase from the units supplied in May.
Tokyo apartment discounts in June
The real estate industry kicked back into gear in June as both businesses and individuals began to pick up activity after the end of the state of emergency. Transactions of existing apartments, while not back to last year’s numbers, have improved significantly in June, following two months of drastic falls. In Tokyo’s Minato ward, transactions are only 2.4% below the number reported in June 2019. What about discounts? Is it a negotiation frenzy?
How the coronavirus is affecting different sectors of Japan's real estate market
The coronavirus pandemic is affecting the various sectors of Japan’s real estate market in different ways. Some segments are booming while others are seeing the worst conditions in recent history.