With ultra-low interest rates and one of the highest yield gaps in international cities, foreign funds are increasingly turning their attention towards real estate in Tokyo and the rest of Japan.
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According to REINS, a total of 3,233 second-hand apartments were reported to have sold across greater Tokyo in July, down 7.4% from the previous month but up 3.0% from last year. The average sale price was 34,420,000 Yen, up 2.4% from the previous month and up 2.4% from last year. The average price per square meter was 535,100 Yen, up 1.4% from the previous month and up 2.6% from last year. This is the 6th month in a row to see a year-on-year increase.
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The Sapporo Regional Taxation Bureau has identified several domestic and foreign real estate companies and investors for failing to declare income made on real estate transactions in Niseko. Some say this recent bust may just be the tip of the iceberg.
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With a shrinking residential property market nationwide and an office market that is limited to prosperous city centers only, Japan’s real estate giants have to diversify in order to survive. That diversification is coming from developing hotels.
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The former Kyoto residence of novelist Naoya Shiga (1883-1971) is in its final preparations for demolition and sale. The 100+ year old home is 1.5 kilometers south of Kinkakuji (Golden Pavilion).
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Tokyo Kantei has ranked the station areas that provide the highest combined return of both rental income and capital gain from purchasing 2008, renting the apartment to a tenant for 10 years, and selling in 2018.
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Sakishima, a man-made island in Osaka Bay, will soon get its first condominium in over 8 years.
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On August 7, the Tokyo District Court ruled in favor of a tenant who had sued a major real estate brokerage after being overcharged on their rental brokerage fee.
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According to Jiji Press, the Nakagin Capsule Tower apartment building, a surviving icon of Japan’s metabolism movement in the 1970s, may soon have a savior in the form of a foreign corporation that is looking to acquire the land rights.
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Sales in Shirokane The Sky, a large-scale condo project located in central Tokyo, are scheduled to start this October. Construction has only just started, with apartments expected to be ready to move into from March 2023.
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