Latest news with #real_estate
CTV News
30-06-2025
- General
- CTV News
Japan's ‘death-tainted' homes gain appeal as property prices soar
It's early summer in Chiba, near Tokyo, Japan, and a young man is hard at work scraping a thick, oily substance off the kitchen floor of a house. 'When I started, the smell used to stick in my nose and throat, but I feel like I've gotten used to it recently,' the cleaner, Tatsumasa Morikagi, said. What Morikagi is cleaning up are the last physical remains of the building's former occupant, an elderly man who was living alone. After he died, his body was only discovered more than six months later. 'That's why this is a 'jiko bukken',' explained Akira Ookuma, a property expert specialising in Japan's growing number of what are commonly called 'stigmatised homes'. In Japan, houses or apartments where murders or suicides have occurred are classified as jiko bukken, or stigmatised homes. The most common type of stigmatised properties, however, is one with a history of a 'socially isolated' death, where the bodies of the occupants are not found for some time and sufficient decay has set in to warrant specialised cleaning services or even the replacement of floors and wallpaper. Such properties come with a social stigma attached, but that stigma can offer an opportunity for willing buyers, with massive discounts for a home where a murder took place, brokers told Reuters. 'In the case of this house, it's priced at around a 20 per cent discount because it's a stigmatised property. It'll be renovated before it's handed over to the new owner, which I think makes it very attractive to prospective buyers,' Ookuma said. Japan's attitude towards death is shaped by the Shinto belief that when a person dies with regrets, their spirit lingers on earth, often at the site of their death, becoming ghosts that bear grudges or are overwhelmed by grief, said Taisuke Sadayuki, an associate professor of economics at Tokyo's Seijo University, who researches the impact such deaths have on the property market. It is this widespread fear of lingering spirits that prompted property consultant Kazutoshi Kodama to get into the ghost hunting business, carrying out surveys to certify whether a property is experiencing paranormal activity or not. 'I spend eight hours at a location, from 10 p.m. to 6 a.m., carrying out a full survey of video, sound, electromagnetic waves, temperature and humidity, atmospheric pressure, and using a thermal camera in order to be able to certify that there's nothing present at the property,' he said. The house that Kodama is currently working on has a grim history. Seven years ago, an elderly woman hanged herself in the bathroom and last year her son died alone, his body left undiscovered for about 10 days. Despite this, Kodama believes the home could find a new occupant, or even a new owner. 'Property prices are going up so people want to buy them as cheaply as they can, and I think that makes these kinds of stigmatised properties an option for them,' he said. Japan's property prices have rocketed as construction materials and labour costs jump. Overseas investors, attracted by the cheap yen and the relatively low cost of Japanese homes, are pouring in. The average price for a second-hand 70-square-metre condominium in Tokyo's 23 wards, for example, jumped by more than a third in May from a year earlier to 100.9 million yen ($697,000), according to real estate research firm Tokyo Kantei. Japan's rapidly ageing population has led to more socially isolated deaths. The national policy agency's first-ever report on the issue said there were nearly 21,900 cases last year where the death was not discovered for eight or more days. And the number of stigmatised properties is only going to rise, real estate brokers say. That means a growing market for jiko bukken specialists like Jobutsu Fudosan, or 'Nirvana Estate Agency', which offers services that include a ceremony for lost souls carried out by a Buddhist monk. 'From an investor's perspective you can buy cheaply, and as they don't intend to live there themselves, they don't feel worried,' said property specialist Yuki Sato. Reuters
Arabian Business
25-05-2025
- Business
- Arabian Business
Dubai real estate: AA TOWER launches sales of freehold apartments, offices
Ahmed Mostafa Ahli Investment Group has started sales for AA TOWER, a new 60-storey mixed-use development on Sheikh Zayed Road, offering the first fully freehold residential and commercial units in the area. The launch follows recent policy changes allowing freehold ownership on one of Dubai's busiest and most prominent corridors. The development will be unveiled at a launch event on Tuesday, May 27, at the V Hotel in Al Habtoor City, the company said in a statement, adding that the event is being organised in collaboration with Harbor Real Estate, the exclusive sales agent. It will host investors and real estate professionals from across the region. New freehold project AA TOWER opens sales in Dubai AA TOWER is the first mixed-use project on Sheikh Zayed Road to be included in the fully freehold market. The launch follows a decision by the Dubai government that allows private property owners on Sheikh Zayed Road to convert their holdings into freehold ownership. This change enables ownership access to all nationalities. 'AA TOWER is a game-changer in Dubai's real estate market. Its strategic location on Sheikh Zayed Road—one of the most iconic and important avenues in the city—creates wide-ranging opportunities for investors from within and outside the UAE. The market is looking forward to a strong launch, as this project sets a new benchmark and reinforces Dubai's global reputation for delivering exceptional and distinctive investment opportunities under the freehold system,' Dr Mohanad Alwadiya, CEO of Harbor Real Estate said. Located on a 10,000 square foot plot, the 60-storey AA TOWER includes 369 residential units. These consist of 195 one-bedroom apartments, 198 two-bedroom apartments, and 3 three-bedroom apartments. The tower also contains 26 office units, 5 retail stores, and 447 parking spaces. Floors 1 to 51 each hold eight apartments. Floors 52 and 53 include larger two-bedroom units ranging from 1,700 to 2,100 square feet. Owners will have the option to merge one-bedroom and two-bedroom apartments. The project is located on Sheikh Zayed Road with views of Burj Khalifa, Downtown Dubai, and Jumeirah Beach. It is in proximity to destinations such as City Walk, Dubai International Financial Centre (DIFC), Museum of the Future, World Trade Centre, Mohammed Bin Rashid Boulevard, and The Dubai Mall. The site offers access to highways, public transportation, and Dubai Metro. Nearby facilities include restaurants, cafes, international schools, and hospitals. AA TOWER provides facilities such as a swimming pool, gym, indoor cinema, multi-purpose event hall, prayer room, and barbecue area. Apartments are available with open and closed kitchen layouts and feature materials from known brands. The project also offers a post-handover payment plan. For residential units, this includes a 28 per cent down payment, 4 per cent registration fee to Dubai Land Department (DLD), AED 3,000 in administrative fees, and 12 quarterly payments of 6 per cent. Commercial units require a 40 per cent down payment, a 4 per cent DLD registration fee, 5 per cent VAT, AED3,000 in administrative fees, and 12 quarterly instalments of 5 per cent. Residential apartment prices range from AED2.932 million to AED5.4 million, equivalent to approximately AED3,544 to AED4,578 per square foot. Office spaces are priced between AED2.232 million and AED7 million, or AED5,205 to AED5,375 per square foot.
