Catch up on the week’s Japanese real estate news with this summary pulled from Real Estate Japan’s blog and around the web.
Average Price of Resale Houses in Tokyo 23 Wards Up in December to 107.5 Million Yen
Real Estate Japan
In December 2015, the average asking price of a detached, resale house in Tokyo’s 23 wards reached 107,510,000 yen ($909,000), the fourth month in a row where the average asking price was above the 100 million yen mark.
2016 to be a Year of Uncertainty for Many Asian Real Estate Markets
World Property Journal
Solly Benaim, BDO’s Global Head of Real Estate tells World Property Journal: “2016 will be a year of uncertainty for the Asian Real Estate market, with US interest rates and China’s economic slowdown rocking the positive foundations laid in 2015. But some doors to opportunity will remain open, especially when it comes to non-traditional assets. Local knowledge and detailed understanding of the sector in each market will be key to unlocking growth in 2016.
Why The Best Investment In 2016 Might Be Global Real Estate
Forbes
Of the more than 600 investors surveyed, 52% said they will increase allocations towards real estate this year. Only 11% will decrease. Real estate is the one asset where investors are almost unanimously bullish. London, Paris, New York, San Francisco, Tokyo and Sydney are the main targets for direct cross-border real estate acquisitions over the next 12 months.
Japan wage hikes Corporate chiefs cautious about across-the-board raises
Nikkei Asian Review
TOKYO — While Japanese corporations seem willing to heed government wishes and offer salary increases again this spring, many are hesitant to expand their entire pay scale through base pay hikes as they did the last two years.
Mitsubishi Estate chief Hirotaka Sugiyama also sounded receptive to base pay raises. Real estate developers have been eager to boost capital investment amid increased demand related to the 2020 Tokyo Olympics.
In a Renewed Hotel Okura, Japanese Historians Still See a Loss
The New York Times
The outcry over the demolition last year of the 53-year-old Hotel Okura in Tokyo surprised no one more than some Japanese historians and architectural specialists.
80-year-old Tsukiji fish market holds final New Year auction
Japan Today
The world’s biggest and most famous fish and seafood market is due to move in November to a massive complex further south in Tokyo Bay, making way for redevelopment of the prime slice of downtown real estate.
Japanese Stocks Swing After Worst Start to Year Since 2008
Bloomberg
Japanese stocks fell for a second day as shares in China continued their New Year rout and the yen held near a two-month high.
Attraction eyed to showcase Japan’s top cities
Japan Times
The land ministry and the Tokyo Metropolitan Government plan to build a facility to showcase the nation’s top cities and their future prospects in cooperation with the private sector.
Logistis REIT worth 160bn yen to list in Tokyo
Nikkei Asian Review
TOKYO — LaSalle Investment Management is planning to debut a real estate investment trust (REIT) targeting Japanese logistics facilities to be listed on the Tokyo Stock Exchange to profit from swelling distribution demand amid a boom in online shopping. The trust is expected to manage around 160 billion yen ($1.31 billion) initially.
What the U.S. Needs to Know About Japan’s Vacant Property Crisis
CityLab
“Tokyo could end up being surrounded by Detroits,” one Japanese real estate expert told The New York Times in August. When an aging population meets a low birth rate, an awful lot of housing gets left behind.
China, Japan, New Zealand Asia’s Best Performing Stock Markets in 2015
Nasdaq
Japan’s Nikkei index gained 9.1 percent in 2015 to end at its highest level in 19 years, as a weak yen on optimism about U.S. economic prospects and the Bank of Japan’s asset purchases bolstered earnings for exporters.
The gains would have been much higher but for the central bank’s surprise decision in December to tweak its quantitative easing program without increasing the size of the monetary base.
Top Image: Mount Fuji in Clear Weather (also known as Red Fuji), one of Katsushika Hokusai’s 36 ukiyo-e prints depicting Mt. Fuji.