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class="username">Terrie Lloyd</a> on February 16, 2015 </div> <div class=" content clearfix"> <div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p><span class="inline inline-right"><a href="http://en.japantravel.com"><img src="/files/en.japantravel.com-logo_159x188.png" alt="Japan Travel" title="Japan Travel" width="159" height="188" /></a></span><br /> * * * * * * * * TERRIE'S (TOURISM) TAKE - BY TERRIE LLOYD * * * * * *<br /> A bi-weekly focused look at the tourism sector in Japan, by Terrie<br /> Lloyd, a long-term technology and media entrepreneur living in Japan.<br /> (<a href="http://www.terrielloyd.com">http://www.terrielloyd.com</a>)</p> <p>Tourism Sector Edition Sunday, February 15, 2015, Issue No. 792</p> <p>SUBSCRIBE to, UNSUBSCRIBE from Terrie's Take at:<br /> <a href="http://mailman.japaninc.com/mailman/listinfo/terrie">http://mailman.japaninc.com/mailman/listinfo/terrie</a></p> <p>BACK ISSUES<br /> <a href="http://www.japaninc.com/terries_take">http://www.japaninc.com/terries_take</a>, or,<br /> <a href="http://mailman.japaninc.com/pipermail/terrie/">http://mailman.japaninc.com/pipermail/terrie/</a></p> <p>+++ JAPAN'S OWN "SNOW BIRD" REAL ESTATE BOOM</p> <p>It was a beautiful if somewhat chilly day in Tokyo on Saturday, and<br /> the first signs of spring were in the air. I took a bike ride out to<br /> Odaiba, and out of curiosity detoured to view the construction work<br /> going on at the massive new Olympic Village complex just getting<br /> started at Harumi. Traversing the new bridge from Odaiba to Harumi you<br /> get a grandstand view of the 109 acres of excavation, footings, and<br /> emerging buildings -- trucks, workers, concrete, and steel everywhere.<br /> It's really quite impressive, and the site is supposed to be the<br /> biggest single housing complex in Tokyo in the last 42 years. A great<br /> photo opportunity, if you can remember to take your camera...! :-)</p> <p>Once completed, the Harumi Olympic Village will have 10,860<br /> residential units and will house most of the incoming athletes. Then<br /> after the Olympics the units will be refurbished and sold off as<br /> luxury apartments to those wishing a front-row view of the Rainbow<br /> bridge and the downtown Tokyo skyline across the water. While<br /> apartment prices in Harumi are currently set at around JPY830,000/sq.<br /> m. (i.e., about JPY58MM-JPY60MM for a typical 70 sq. m. place),<br /> expectations are that after the local population starts to feel the<br /> buzz, egged on by strong interest from Chinese and SE Asian buyers,<br /> that prices will start zooming up.</p> <p>How far? Well, given the fact that the area will be brimming with<br /> buzzing training gyms, seaside restaurants, and landscaped expanses of<br /> grass and trees, and given that it's fashion and location that will be<br /> driving demand, we think you can look at other fashionable desirable<br /> locations in Tokyo for an indication. For example, further inland in<br /> Harajuku, which has Yoyogi park and lots of trendy shops and cafes<br /> nearby, new luxury apartments are typically priced at<br /> JPY1,200,000~/sq. m., and so we would not be surprised to see the<br /> Harumi apartments fetching similar prices in 2021. That's a lot of<br /> capital gains upside to drive demand for a while.</p> <p>------------------- ICA Event - February 19th ------------------------</p> <p>Speaker: Brent Conkle - President & CEO Business Across Cultures Co.,<br /> Ltd. Executive Leadership Coach and Talent Management Consultant<br /> Title: "If your employees aren't growing they're going! -- Solution:<br /> Create an employee value proposition that focuses on unleashing,<br /> empowering & engaging leadership."</p> <p>Details: Complete event details at <a href="http://www.icajapan.jp/">http://www.icajapan.jp/</a></p> <p>Date: Thursday, February 19th, 2015<br /> Time: 6:30 Doors open, Buffet Dinner included and cash bar<br /> Cost: 4,000 yen (members), 6,000 yen (non-members) Open to all. No<br /> sign ups at the door!!!!!!!<br /> RSVP: By 10am on Monday 16th February 2015<br /> Venue is The Foreign Correspondents' Club of Japan<br /> <a href="http://www.fccj.or.jp/about/access.html">http://www.fccj.or.jp/about/access.html</a><br /> ---------------------------------------------------</p> <p>And sure enough, riding on past the current centerpiece of<br /> construction, I found a who's who of construction company and land<br /> developer sign boards, indicating these firms are planning one massive<br /> project after another. The International Olympic Committee reckons<br /> that the property sector in the area will enjoy sales of up to<br /> JPY152bn in the run-up to the Games, while the economic benefit felt<br /> by the construction industry will be around JPY475bn. Since the number<br /> of people living in the area is expected to swell from 11,030 in 2010<br /> to 47,000 by 2016, we suppose that local shops and merchants won't do<br /> too badly, either.</p> <p>Seeing so much activity centered on a single construction site drives<br /> home the potential for a real estate boom in Tokyo over the next five<br /> years, however, I also think the foreigner-fueled land boom will have<br /> reverberations beyond the capital. Already Japan is becoming one of<br /> the premier holiday destinations for wealthy people in Asia, and as<br /> they start to come multiple times a year, we think it won't be too<br /> long before we start seeing the same phenomenon here that Florida has<br /> with Canadians -- the so-called "snowbird" visitor/property owners.</p> <p>In 2014, Canadians accounted for about one third of the properties<br /> purchased by foreigners in Florida. They spent US$2.2bn last year<br /> alone, the seventh straight year in a row that Canadians were the top<br /> buyers in the state. As a result, house prices that back in the Lehman<br /> Shock ran for around US$50,000-US$100,000 now have a median sales<br /> price of US$260,000. 89% of the purchases were cash transactions,<br /> indicating that most buyers are well off, and their main target was<br /> vacation condos in major cities.</p> <p>While the Canadians are seeking sun and relaxation in Florida, we<br /> believe the Chinese are looking at Japan more for high-grade dining,<br /> clean air, good shopping, and easy access to sights and entertainment.<br /> Their main targets are apartments in Tokyo, Osaka, and Fukuoka. Then<br /> for those buyers coming from further south, SE Asians seem to want to<br /> add in snow, onsens, scenery, as well as more modestly priced<br /> permanent accommodation. This means that they are not only in the<br /> major cities, but also exploring secondary cities and ski resorts,<br /> especially those near onsen.</p> <p>And why not? Especially when you can get 536 sq. m. of ready-to-build<br /> land in Hakuba for just JPY10,000/sq. m. just 800m away from the ski<br /> lifts. You can put up a log cabin for JPY10m (yeah, twice the cost of<br /> the land) and you have a cosy, low-rates hide-away for the family to<br /> go to every winter and summer break.</p> <p>In fact, the cost of land up in the snowy alps of Japan is so<br /> incredibly cheap at the moment, that with the recent devaluation of<br /> the yen I feel it is only a matter of time before foreign buyers start<br /> to discover just what a bargain Japan is. By no means remote or<br /> inconvenient, you can get an acre of land with an existing house in<br /> Minakami, within 5km-10km of at least 3 ski fields, for as little as<br /> JPY5m. Or, if you want to move a bit further to the south, to Miyoko,<br /> you can get an entire hotel (we kid you not) on 48,000 sq. m. of land,<br /> for just JPY8m!</p> <p>OK, there is a catch with the hotel... It's derelict and will cost<br /> hundreds of thousands of dollars (maybe several million) to refurbish.<br /> Still, with 57 guest rooms and a staff dorm for 13, it's going to be a<br /> bargain "do-up" for someone.</p> <p>Back in Tokyo, already the flow of foreign investment into private<br /> real estate (versus commercial) is ramping up remarkably. CBRE reckons<br /> that foreign investment in Japanese real estate overall in 2013 was up<br /> an incredible 79% over 2012. We're guessing that this year will see<br /> similar expansion. Jones Lang LaSalle says that Chinese investors<br /> alone have bought JPY10bn of private apartments since 2011. It's easy<br /> to see why, when for for JPY15m, a low-end investor can get a<br /> refurbished 70 sq. m. apartment downtown and a rental return of<br /> JPY60,000/month. In comparison, that same money doesn't even buy a<br /> parking lot in Hong Kong.</p> <p>We're not quite at the buying levels of the Canadians in Florida yet,<br /> but certainly the trend is there.</p> <p>Will a flood of foreign buyers stimulate a protectionist backlash by<br /> the Japanese? Probably "Yes", especially where the Chinese are<br /> involved, since they are such a red flag to right wing politicians.<br /> Already there have been murmurs from Kasumigaseki of the need for<br /> controls on properties that comprise water catchment and forestry<br /> areas, as well as locations that are politically or militarily<br /> sensitive. But right now, and perhaps for as long as the next 3-5<br /> years (as long as it takes for the right wing to gather a head of<br /> steam and translate that into legislation), there are currently NO<br /> laws or regulations to prohibit the purchase of Japanese real estate<br /> by foreigners.</p> <p>...The information janitors/</p> <p>***********************************************************<br /> END</p> <p>SUBSCRIBERS: 7,082 members as of February 15, 2015<br /> (We purge our list regularly.)</p> <p>+++ ABOUT US</p> <p>STAFF<br /> Written by: Terrie Lloyd (<a href="mailto:terrie.lloyd@japaninc.com">terrie.lloyd@japaninc.com</a>)</p> <p>HELP: E-mail <a href="mailto:Terrie-request@mailman.japaninc.com">Terrie-request@mailman.japaninc.com</a> with the word 'help'<br /> in the subject or body (don't include the quotes), and you will get<br /> back a message with instructions.</p> <p>FEEDBACK<br /> Send letters (Feedback, Inquiries & Information) to the editor to<br /> <a href="mailto:terrie.lloyd@japaninc.com">terrie.lloyd@japaninc.com</a>.</p> <p>ADVERTISING INFORMATION<br /> For more information on advertising in this newsletter, contact<br /> <a href="mailto:ads@japaninc.com">ads@japaninc.com</a>.</p> <p>SUBSCRIBE<br /> Get Terrie's Take by giving your name and email address at<br /> <a href="http://www.japaninc.com/newsletters/free_sign_up">http://www.japaninc.com/newsletters/free_sign_up</a>, or go straight to<br /> Mailman at:<br /> <a href="http://mailman.japaninc.com/mailman/listinfo/terrie">http://mailman.japaninc.com/mailman/listinfo/terrie</a></p> <p>BACK ISSUES<br /> <a href="http://www.japaninc.com/terries_take">http://www.japaninc.com/terries_take</a> or,<br /> <a href="http://mailman.japaninc.com/pipermail/terrie/">http://mailman.japaninc.com/pipermail/terrie/</a></p> <p>Copyright 2015 Japan Inc. Communications Inc.</p> <p>----------------- Japan Inc opens up Japan ----------------</p> <p>J@pan Inc authoritatively chronicles business trends in Japan. Each<br /> posting brings you in-depth analysis of business, people and<br /> technology in the world's third largest economy.<br /> Visit <a href="http://www.japaninc.com">www.japaninc.com</a> for the best business insight on Japan available.<br /> -----------------------------------------------------------<br /> _______________________________________________<br /> Terrie mailing list<br /> <a href="mailto:Terrie@mailman.japaninc.com">Terrie@mailman.japaninc.com</a><br /> <a href="http://mailman.japaninc.com/mailman/listinfo/terrie">http://mailman.japaninc.com/mailman/listinfo/terrie</a></p> </div></div></div><div class="field field-name-taxonomy-vocabulary-2 field-type-taxonomy-term-reference field-label-inline clearfix"><h3 class="field-label">Newsletter: </h3><ul class="links inline"><li class="taxonomy-term-reference-0"><a href="/terries_take">Terrie's Take</a></li></ul></div><div class="field field-name-taxonomy-vocabulary-12 field-type-taxonomy-term-reference field-label-inline clearfix"><h3 class="field-label">Tags: </h3><ul class="links inline"><li class="taxonomy-term-reference-0"><a href="/taxonomy/term/813">tourism</a></li><li class="taxonomy-term-reference-1"><a href="/taxonomy/term/285">real estate</a></li></ul></div> </div> <div class="link-wrapper"> <ul class="links inline"><li class="comment-add first last"><a href="/comment/reply/4821#comment-form" title="Share your thoughts and opinions related to this posting.">Add new comment</a></li> </ul> </div> <div id="comments" class="comment-wrapper"> <h2 class="title">Comments</h2> <a id="comment-2495"></a> <div class="comment comment-by-anonymous clearfix"> <div class="attribution"> <div class="submitted"> <p class="commenter-name"> <span class="username">Stig (not verified)</span> </p> <p class="comment-time"> February 18, 2015 - 09:50 </p> <p class="comment-permalink"> <a href="/comment/2495#comment-2495" class="permalink" rel="bookmark">Permalink</a> </p> </div> </div> <div class="comment-text"> <div class="comment-arrow"></div> <h3><a href="/comment/2495#comment-2495" class="permalink" rel="bookmark">Nice one Terry</a></h3> <div class="content"> <div class="field field-name-comment-body field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"><p>Would you have any recommendations for property websites, just out of curiosity?</p> <p>I meant to comment on your earlier article about the problems attributable to the education system. Very insightful and I think are likely to be spot-on.</p> </div></div></div> </div>  <ul class="links inline"><li class="comment-reply first last"><a href="/comment/reply/4821/2495">reply</a></li> </ul> </div>  </div> <div class="indented"><a id="comment-2496"></a> <div class="comment comment-by-node-author clearfix"> <div class="attribution"> <div class="submitted"> <p class="commenter-name"> <a href="/user/2" title="View user profile." class="username">Terrie Lloyd</a> </p> <p class="comment-time"> February 18, 2015 - 13:18 </p> <p class="comment-permalink"> <a href="/comment/2496#comment-2496" class="permalink" rel="bookmark">Permalink</a> </p> </div> </div> <div class="comment-text"> <div class="comment-arrow"></div> <h3><a href="/comment/2496#comment-2496" class="permalink" rel="bookmark">Property sites</a></h3> <div class="content"> <div class="field field-name-comment-body field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"><p>Hi, Stig. Thanks for the kind words. Which website you use should be defined by the area that you are interested in, and also the type of market. For places outside Tokyo, the property sites are poorly ranked by Google, and thus don't show up until you be specific about area.</p> <p>Some of my favorites are:<br /> Foreclosed properties: Sleepwell Homes -- <a href="http://sleepwellhomes.jp/Listing_SearchForm.php">http://sleepwellhomes.jp/Listing_SearchForm.php</a><br /> Luxury properties: Sothebys -- <a href="http://www.sothebysrealty.com/eng/sales/to-jpn">http://www.sothebysrealty.com/eng/sales/to-jpn</a><br /> Expat rentals: Ken Corp -- <a href="http://www.kencorp.com/">http://www.kencorp.com/</a><br /> General foreigner rentals: MetroHomes -- <a href="http://metrohomes.jp/">http://metrohomes.jp/</a><br /> General Japanese rentals: Recruit -- <a href="http://suumo.jp/">http://suumo.jp/</a> (Japanese only, but huge)<br /> Low-cost stays: Airbnb -- <a href="https://www.airbnb.com/s/Tokyo--Japan">https://www.airbnb.com/s/Tokyo--Japan</a><br /> Honshu mountain realty: Kura Corp -- <a href="http://myokokogen.net/">http://myokokogen.net/</a></p> </div></div></div> </div>  <ul class="links inline"><li class="comment-reply first last"><a href="/comment/reply/4821/2496">reply</a></li> </ul> </div>  </div> <div class="indented"><a id="comment-2497"></a> <div class="comment comment-by-anonymous clearfix"> <div class="attribution"> <div class="submitted"> <p class="commenter-name"> <span class="username">Stig (not verified)</span> </p> <p class="comment-time"> February 20, 2015 - 05:00 </p> <p class="comment-permalink"> <a href="/comment/2497#comment-2497" class="permalink" rel="bookmark">Permalink</a> </p> </div> </div> <div class="comment-text"> <div class="comment-arrow"></div> <h3><a href="/comment/2497#comment-2497" class="permalink" rel="bookmark">Wow! - many thanks!</a></h3> <div class="content"> <div class="field field-name-comment-body field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"><p>Wow! - many thanks!</p> </div></div></div> </div>  <ul class="links inline"><li class="comment-reply first last"><a href="/comment/reply/4821/2497">reply</a></li> </ul> </div>  </div> </div></div> </div> </div> </div> </div> </div> </div></div>  <div id="sidebar-second" class="column sidebar"><div class="section"> <div class="region region-sidebar-second"> <div id="block-block-37" class="block block-block"> <h2>Our Newsletters Are Free</h2> <div class="content"> <p>Get the latest info on Japan delivered to your inbox absolutely free. <a href="/newsletters/free_sign_up">Subscribe to our newsletters</a> and join over 6,800 subscribers. 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class="views-row views-row-3 views-row-odd"> <span class="views-field views-field-subject"> <span class="field-content"><a href="/comment/2502#comment-2502">designboom article</a></span> </span> </div> <div class="views-row views-row-4 views-row-even"> <span class="views-field views-field-subject"> <span class="field-content"><a href="/comment/2497#comment-2497">Wow! - many thanks!</a></span> </span> </div> <div class="views-row views-row-5 views-row-odd views-row-last"> <span class="views-field views-field-subject"> <span class="field-content"><a href="/comment/2496#comment-2496">Property sites</a></span> </span> </div> </div> </div> </div> </div> <div id="block-block-3" class="block block-block"> <h2>Currencies</h2> <div class="content"> 1 USD = 149.16 JPY<br /> 1 NZD =  85.63 JPY<br /> 1 AUD =  94.89 JPY<br /> 1 EUR = 155.92 JPY<br /> 1 GBP = 188.32 JPY<br /> 02/22/25 03:24 JST<br /> </div> </div> <div id="block-block-2" class="block block-block"> <h2>Links</h2> <div 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