Japan’s vacant house ratio reaches 13.6%

On April 26, the Ministry of Internal Affairs and Communications released their housing and land data as of October 2018. This survey is carried out once every five years. According to the report, the nationwide residential vacancy rate was 13.6%, a 0.1 point increase from 2013. The total number of vacant homes across Japan reached 8,460,000, an increase of 260,000 homes over the past 5 years. 

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New office supply in Tokyo to reach 1.72 million sqm in 2020

According to Mori Building’s latest office market report for Tokyo’s 23 wards, the office vacancy rate at the end of 2020 is forecast to reach 2.3%, a 0.3 point increase from the forecast for the end of 2019. This would be the second year in a row to see an increase in vacancy rates, although the level remains historically low. 

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Greater Tokyo apartment transactions reach highest level in history

In 2018, reported transactions of second-hand apartments across greater Tokyo reached the highest record in history. There were 37,601 sales reported for the year, up 1.2% from 2017. 

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Town planning decision for 200m tall tower in Nishiazabu

A town planning decision has been made for the Nishiazabu 3 Chome North-East District Redevelopment. The project will see a 200 meter tall mixed-use tower with residences, office, retail and a hotel. Construction is scheduled to start in 2020 with completion tentatively scheduled for 2025.

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For Sale: Yoshimura Junzo-designed house in Tokyo

Price: ¥113,200,000 (approx. 1 million USD)

This is a compact urban home designed by Yoshimura Junzo (1907-1997). Yoshimura got his start working at Antonin Raymond’s office before being transferred to Pennsylvania in 1940 for two years. He established his own architectural office after returning in the 1940s. His past clients have included the Rockefeller family and the Imperial Household. Yoshimura is one of Japan’s great modernist architects and his homes are often sought-after by collectors.

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Traditional merchant residence in Gifu to be converted into boutique hotel

Work is well underway on the conversion of a historic and traditional residence in Gifu into a boutique hotel. The former Matsuhisa Residence was built 100 years ago by the operator of a successful wholesaler of Japanese paper materials. The residence was designed to accommodate guests and customers during the Meiji and Taisho eras. The two-story sukiya-style wooden house with tiled roof has a total of 12 tatami rooms, a tea room, and four warehouses. The buildings sit on 2400 sqm of land.

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80% of sellers/buyers not choosing home inspections

According to a survey carried out by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) in the first half of 2018, only 18% of transactions involved home inspections. 

Between April and September 2018, a total of 5,932 home inspections were carried out across Japan. A total of 12,904 inspections were forecast for the year, almost double the number seen in 2017. Still, this amounts to less than 8% of the 169,000 existing home sales on an annual basis.

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