Commercial investment in Japan spikes in Q3 2024, plus other headlines

For PropertyGuru’s real estate news roundup, Japan’s commercial real estate transaction volume rose by 24 percent year-over-year in Q3 of this year. In other headlines, Grade A residential projects in Phuket are expected to grow annually over five years. Lastly, India’s National Building Code (NBC) is a standardised code document that provides guidelines for constructing structures.

Commercial investment in Japan spikes 24 percent annually in Q3 

According to CBRE, Japan’s commercial real estate transaction volume rose by 24 percent year-over-year to JPY1.207 trillion in Q3 2024, with large transactions exceeding JPY10 billion doubling from the same period last year. The hotel sector led in transaction volume, increasing 72 percent YoY to JPY335.0 billion, surpassing the JPY300 billion mark for the first time since Q1 2008, as mentioned in The World Property Journal.

Office investment also saw a strong increase, up 78 percent from the previous year to JPY304.0 billion. This brought the cumulative office investment volume for the first three quarters to about JPY1.2 trillion, surpassing the total for all of 2023. With nationwide office rents on the rise, investor interest in this sector appears to be strengthening.

Boom anticipated for top Phuket projects

Grade A residential projects in Phuket are valued at 337 billion baht and are expected to grow by 10-20 percent annually over five years, driven by demand from affluent buyers globally, according to C9 Hotelworks, a hospitality consultancy.

Bill Barnett, managing director of C9 Hotelworks, said in Bangkok Post that Phuket’s luxury properties are attractive to customers from around the world, as the province offers various premier facilities, including international schools, international hospitals, hotels, wellness centres and luxury retail.

According to C9’s latest Phuket Luxury Report, published last month, around 450 new luxury residence units are on sale now in Phuket, 413 of which are condos and 37 of which are villas.

National Building Code of India: NBC norms for high-rise and other residential buildings

The National Building Code (NBC) is a standardised code document that provides guidelines for constructing structures. These norms are meant to protect the overall health of the construction and ensure the health and safety of the public and the residents. It is mandatory to adhere to NBC standards for hostels, NBC norms for high-rise buildings, NBC standards for residential buildings, mercantile, institutional, educational, commercial, assembly, storage spaces or even hazardous buildings. Housing.com reports in detail about the NBC guidelines for residential buildings. The NBC guidelines were published in 1970, revised in 1983, and subsequently in 2005.

The Property Report editors wrote this article. For more information, email: [email protected].