Kyoto machiyaAccording to the Urban Research Institute Corporation, foreign corporations acquired 1.2 billion Yen of real estate in Japan in 2014, 2.8 times higher than the figure in 2013. This accounted for a little over 20% of the value of all transactions nationwide.

While most of the foreign investment is centred in Tokyo, Kyoto is also attracting some foreign buyers.

Kyoto-based real estate company Hachise has been receiving a growing number of inquiries from foreigners. The company specialises in the restoration and sale of the traditional Kyoto town houses, or machiya. Of the 80 machiya sold in 2014, 12 of them were sold to foreign buyers. Many of the buyers were wealthy individuals from the US, or France, who visit Kyoto several times a year and want a holiday home.

Another Kyoto-based realtor and developer reported receiving a purchase application from a Taiwanese individual who wanted to buy an entire floor of apartments with the intent to rent them out on a nightly basis. The developer refused the offer because unlicensed hotel use is illegal. The company president is concerned that troubles may arise in the future if sellers are not fully aware of the buyer’s reason for purchasing the property.

Source: The Kyoto Shimbun, July 31, 2015.

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