Nationwide land prices rose for the fifth year in a row this year, but hard-hitting effects of the novel coronavirus could put a swift end to Japan’s real estate recovery.
According to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), the nationwide ‘chika-koji’ assessed land price saw a 1.4% increase in 2020. This was a 0.2 point improvement from 2019’s 1.2% increase.
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The percentage of land under Japanese and US military bases in Okinawa is increasingly being held by investors from outside the prefecture. As of 2018, 9% of the 44,523 landlords were located outside of Okinawa, a 3 point increase (or around 1.4 times the number of landlords) from 2012.
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According to the Ministry of Agriculture, Forestry and Fisheries (MAFF), a total of 97,814 hectares of farmland was sitting idle and unused across Japan in 2018, down 700 hectares from 2017 but the third year in a row to be around the 100,000 hectare range.
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Apparel company Onward Holdings has sold a company-owned house in Minami Aoyama for 3.81 billion Yen (approx. 36 million USD). The buyer was developer Tokyu Land.
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Good news coming out of Kyoto last week with word that Shangri-La Group has acquired a large development site on the northern side of Nijo Castle in Kyoto. The 4,700 sqm site is about 100 meters west of our restored machiya townhouse.
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The rosenka land values for 2019 were announced by the National Tax Agency on July 1. Nationwide, land values increased by 1.3%. This is the fourth year in a row to record a year-on-year increase. The rate of growth has also expanded, following 0.7% in 2018, 0.4% in 2017 and 0.2% in 2016. This is the first time to see four years of consecutive growth since 1992.
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Generally speaking, whether you are Japanese or a foreigner, it is possible to buy and own mountainside forest in Japan.
70% of Japan is forest. According to the Forestry Agency, 40% of that is national forest, with the remaining 60% owned by private individuals and companies.
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In 2018, foreign funds purchased 373 hectares of forestry across Japan. According to the Ministry of Agriculture, Forestry and Fisheries (MAFF), there were 30 acquisitions made across seven prefectures.
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The Ministry of Land, Infrastructure, Transport and Tourism (MLIT) plans to publish embankment and liquefaction risk maps online later this year in an effort to provide more transparency for home owners and buyers.
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Real estate developer Asahi Kasei Realty & Residence Corporation has emerged as the successful buyer of a scandal-hit property near Tokyo’s Gotanda Station.
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