First Cabin, a Tokyo-based developer and operator of capsule-style accommodation across Japan, announced plans to open a cabin-style hotel in a traditional machiya-style townhouse in Kyoto. The new hotel will open on March 28, 2019.
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo was 37,290,000 Yen in December 2018, up 0.5% from the previous month and up 3.2% from December 2017. The average building age was 24.3 years.
The supply of brand new apartments released for sale in Kyoto City in 2018 increased for the first time in 5 years to 1,277 units. This was a 4.7% increase from 2017. Supply in the city center, however, is exceedingly low with developers focusing on building hotels to cater to the city’s booming tourism industry.
According to the Real Estate Economic Institute’s report on the new apartment market for 2018, a total of 37,132 brand new apartments were released for sale across the greater Tokyo area (Tokyo, Kanagawa, Saitama and Chiba Prefectures), up 3.4% from 2017. The average price of a new apartment was 58,710,000 Yen, down 0.6% from the previous year. In Tokyo’s 23 wards the average price was 71,420,000 Yen, up 0.7% from 2017.
The first round of sales in Proud Ebisu Hillside Garden – a luxury mixed-use condominium and hotel in Ebisu, Tokyo – started over this past weekend with 40 apartments on offer, representing almost 70% of the total apartments that will be released for sale.
The Japanese government will soon be signing a sale agreement with the owner of Mageshima Island in Kagoshima Prefecture for 16 billion Yen (approx. 147 million USD) with settlement expected to take place in March. The owner of the majority of the island is a Tokyo-based developer.
Real estate company HULIC has agreed to sell the Hilton Tokyo Odaiba hotel for 62.4 billion Yen (approx. 573 million USD) to the Japan Hotel REIT. The sale will take place in April 2019 and will represent the highest valued hotel held by a REIT within Japan.
In November 2018, a Gifu-based real estate company has purchased a historic Japanese inn at a public foreclosure auction. The winning bid was 42,790,000 Yen.
On December 25 the Mainichi Shimbun newspaper reported that related parties allege that Seibu Shinkin Bank may have overvalued investment properties and over-lent to borrowers as a result.
According to REINS, 2,987 second-hand apartments were reported to have sold across greater Tokyo in December 2018, down 7.4% from the previous month and down 0.8% from the previous year. The average sale price was 33,800,000 Yen, up 2.5% from the previous month and up 1.8% from 2017. The average price per square meter was 524,100 Yen, up 3.1% from the previous month and up 0.9% from 2017. This is the 72nd month in a row to record a year-on-year increase in sale prices.