Luxury Condos Bloom in Regional Cities, Targeting Affluent Locals Seeking Holiday Homes

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Luxury Condos Bloom in Regional Cities, Targeting Affluent Locals Seeking Holiday Homes

Luxury Condos Sprout in Regional Cities, Targeting Wealthy Locals

While luxury condominiums priced at 100 million yen or more have been a fixture in major cities for some time, they are now making their way into smaller regional cities as well. Developers are looking beyond the fierce competition in metropolitan areas and targeting wealthy locals seeking holiday homes.

One example is The Residence Takamatsu Park Front Tower, a 20-story condominium complex under construction in Takamatsu, Kagawa Prefecture. The complex boasts expansive views of the Seto Inland Sea and is located near Tamamo Koen park, which houses the ruins of Takamatsu Castle.

Of the 54 units, four on the 19th and 20th floors are three-bedroom units with a total floor space exceeding 120 square meters. These units start at 129 million yen, and three have already been sold.

While some wealthy residents in Kagawa Prefecture are purchasing these units as residences or investments, others living outside the prefecture are using them as holiday homes.

This trend is not limited to Takamatsu. Central General Development also sells luxury condos in Matsuyama and Kochi, with brisk sales reported.

The influx of luxury condos into regional cities is attributed to several factors. Developers are facing fierce competition in Tokyo and Osaka, leading them to explore new markets. Additionally, soaring land prices in the Tokyo metropolitan area are making development projects in regional cities more attractive.

Furthermore, redevelopment projects in areas surrounding Takamatsu Station, such as the Takamatsu Orne commercial facility and Tokushima Bunri University's new campus, are creating a sense of optimism and driving up property values.

While the supply of luxury condos in regional cities is still limited, experts believe that there is potential for growth, especially among wealthy local residents seeking holiday homes.