Resort condominiums built during the peak of Japan’s bubble economy in the late 1980s are finally starting to see renewed demand. This time around the buyers are not investors, but are people looking for a permanent residence in which to spend their retirement years.
Alongside Lake Biwa’s shoreline stands the Biwako Urban Resort. The resort condominium was built between 1989 and 1991 and contains 770 units in three 15-storey towers. When it was first built, Moriyama City guidelines prohibited the units to be used for personal residences. Owners could only use them as holiday villas. Because of the ‘resort condo’ designation, the developer received several allowances including only requiring car parking for up to 50% of the apartments. The non-residence rules were also written into the building’s management bylaws, although demand from some residents has seen this clause removed from one of the three towers.
The number of residents who call this building their permanent home now numbers over 300.