On December 7, 2018, the Shinshu Otani-ha Buddhist movement announced that they were acquiring the former Ryotoku-ji temple in Kyoto City, and looking to find a new use for the property with the cooperation of Kyoto Prefecture.
According to the Real Estate Economic Institute, a total of 2,323 brand-new apartments were released for sale across greater Tokyo in February, up 22.3% from the previous month but down 6.7% from last year. This is the second month in a row to see a year-on-year decline in supply.
According to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), there were 942,370 new housing starts across Japan in 2018, a 2.3% drop from 2017 and the second year in a row to see a decline.
The Sekisui House Reit has acquired 40% joint ownership of the trust beneficiary rights to the The Ritz Carlton Kyoto for 17.8 billion Yen (approx. 160 million USD). The sale took place on January 31 and the seller was the Reit’s sponsor, Sekisui House.
On March 15, Shinjuku ward issued a town planning approval for the Nishi Shinjuku 3 Chome West District Redevelopment. This project includes two 65-storey, 235 meter tall apartment towers that will be the tallest purely-residential towers in Japan based on total floor count and the second largest development based on total unit count.
Something that is on every local investor and real estate agent’s calendar is the announcement of the Chika-Koji assessed land prices by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). This year’s results came as no surprise to those in the industry, with average land prices increasing for the fourth year in a row. A 1.2% increase nationwide was reported in 2019, a 0.5 point increase from 2018.
On February 4, Thai real estate developer Property Perfect announced plans to invest 100 billion Yen in their Kiroro Resort in Hokkaido over the next 10 years. The plans include expanding their ski facilities and building new luxury villas.
On February 7, Mitsui Fudosan released details on a luxury hotel planned for the eastern side of Nijo Castle in Kyoto.
According to REINS, 3,484 second-hand apartments were reported to have sold across greater Tokyo in February, up 30.6% from January and up 1.8% from last year. The average sale price was 34,730,000 Yen, up 5.4% from the previous month and up 3.6% from last year. The average price per square meter was 531,600 Yen, up 3.3% from the previous month and up 3.8% from last year.
After agreeing to purchase the National Children’s Castle building and land from the national government this year for 60 billion Yen (approx. 543 million USD), the Tokyo Metropolitan Government is firming up plans to completely redevelop the site along with adjoining sites from 2029 onwards.