The government is considering introducing legislation that would require advance notice to be submitted when a foreign national is purchasing land in or nearby areas considered to be of national importance. The draft bill is expected to be submitted to parliament sometime this year.
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Kyoto City is selling a 3,000 sqm site on the northern side of Nijo Castle to real estate developer Open House Co., Ltd. The developer is planning to open a low-rise hotel in 2024.
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The number of people living in flood zones across Japan has increased by 6.05% between 1995 and 2015, according to a survey by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). The country’s total population over that same span increased by just 1.21%. Even prefectures experiencing depopulation saw growth in the number of residents living in flood zones.
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The grounds of an overgrown and abandoned temple in Shimane Prefecture will be acquired by the national government in what will be the first of its kind.
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Bad news for some as the National Tax Agency (NTA) has decided not to re-adjust rosenka land tax values in light of the pandemic. It seems that land values have not fallen enough to trigger any revision.
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The nationwide standard land price, announced yesterday, dropped for the first time in three years. The average across all land uses recorded a 0.6% decrease in 2020, after a 0.4% increase in 2019. In 2018, the nationwide average increased for the first time since 1991.
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The National Tax Agency (NTA) is, according to the Nikkei Shimbun newspaper, working on a plan that could see rosenka land values re-adjusted in the event of a severe drop in market prices.
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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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