Fixed asset tax deductions extended 2 years

The Government's Select Committee on the Taxation System has decided to extend the fixed asset tax reduction that applies to brand new homes and apartments. The reduced tax benefit will be extended an additional two years. Under this new plan, the annual fixed asset tax on a brand new apartment or home will be halved for the first five years since construction. The tax applies to all new residences, including those purchased to be rented out as an investment.Read more


Supply of new apartments to increase by 17.6% in 2012

According to the Real Estate Economic Institute, the number of new apartments to hit the market in greater Tokyo next year is forecast to reach 53,000 units. This is an increase of 17.6% from 2011.

This is due to an increase in construction projects as well as the postponement of apartment sales following the March 11 Tohoku disaster.Read more


Attorney General's Motoazabu residence returned to Finance Ministry

The official residence of the Attorney General in Motoazabu will be returned to the Ministry of Finance, as the government follows its plan of reducing the number of underutilized and over-subsidized housing for senior public officials across Japan.Read more


Chiba's radiation hot spots scaring off buyers

A survey* by the Chiba Association of Real Estate Appraisers found that 60% of real estate agents in Chiba Prefecture believe that radiation fears are directly impacting the sluggish local real estate market.

Following the discovery of several radiation 'hot spots' in Kashiwa and Matsudo Cities, there has been a sudden increase in the number of homes put up for sale as residents want out. Meanwhile, the interest from buyers has almost stopped completely.Read more


Former village office in Yamagata to be demolished

The former Kogane Village Office in Tsuruoka City, Yamagata Prefecture, is going to be demolished as the historical property has become too difficult to maintain. Tsuruoka City owns the property and does not have the financial ability to preserve and maintain the building.Read more


Houses in Iwate City to be decontaminated

Shidamyo, Iwaki City

Decontamination work has begun on houses in the Shidamyo and Ogi areas in Kawamaemachi-Shimookeuri, Iwaki City. The residential neighborhoods are 28 km south-west of the Fukushima Daiichi Nuclear Power Plant. By the end of this year they will have decontaminated 7 homes and by March, 2012, they hope to have decontaminated a total of 46 homes.

The area was reported as a hotspot with outside radiation levels of 1 ~ 3 microsievert/hr. In the initial days of the nuclear disaster, residents were ordered to remain indoors. The order was lifted on April 22nd. The city hopes that decontamination will reduce the level to below 0.5 microsievert/hr. Once the work is complete, they will re-measure the homes.Read more


Buying a house that cannot be rebuilt

Due to land and construction laws in Japan, there are some houses that legally cannot be rebuilt. This is an important point to watch out for when you are looking to buy a home and land.

These types of properties are called "sai-kenchiku fuka" which means reconstruction is not allowed. In many cases this is because the particular block of land does not have sufficient street frontage.Read more