The Ministry of Land, Infrastructure, Transport and Tourism announced on August 1 that plans have been made to monitor land transactions made in tsunami-affected prefectures in Northern Japan. From now on, experts are predicting a sudden jump in prices for elevated land in the disaster-stricken areas, so the three affected Prefectures of Iwate, Miyagi and Fukushima will be monitoring and sharing the data of land transactions.
As the coastal areas that were devastated by the March tsunami move towards rebuilding, there is growing fear that the elevated tracts of land that escaped the tsunami will see steep price rises as real estate companies and developers seek to buy up the land.
As a result, the MLIT is requesting that the three Prefectures obtain and report on land transactions. The plan will be very similar to the National Land Use Planning Act’s guidelines on unfair land transactions.
Under the National Land Use Planning Act, in the event that unfair land transactions are reported in a designated observation area, the
Prefectural Governor can advise the parties to cancel the transition.
system for regional control on land transactions
The Asahi Shimbun, August 1, 2011.
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