With the rise of the popularity of Airbnb and with travellers flocking back to Japan, property owners are finding themselves in the midst of a short-term accommodation boom. Hotels may not quite fancy this turn of events, but the property market, property owners and investors could be rejoicing. The number of travellers entering Japan is expected to grow to a whooping 21 million in 2016.
Those who have been quick to jump on the bandwagon may already be reaping in some profits, as properties in popular districts and in particular those close to major train stations are in strong demand from travellers within and outside of Japan. The Shibuya district in Tokyo is an excellent example. As a major landmark and with connecting trains to 10 different lines (including the important Yamanote Line) and the Narita Express, properties in its vicinity are seeing a huge increase in short-term bookings.
And with the Tokyo 2020 Olympics just 4 years away, Japan’s hotel chains could be facing a shortage of accommodation and these privately-owned apartments could very well be a welcome relief to the city and help property owners earn a tidy sum at the same time. The number of platforms out there that connect property owners and travellers are growing and new launches though few will no doubt garner strong interest from investors.