On July 1, the National Tax Agency (NTA) released the rosenka land tax values for 2021. Not surprisingly, Osaka’s heavily tourist-oriented Shinsaibashisuji Street saw the biggest decline nationwide, with a 26.4% drop in 2021.
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The nationwide ‘koji-chika’ (or chika-koji) land valuations for January 1, 2021 have just been announced. Read on if you want to see how the coronavirus pandemic has affected Japan’s real estate market.
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Several legal reforms are under discussion that could see heirs obligated to update property titles following inheritance. These proposed changes are intended to make it easier to identify the owners of abandoned or unused land across the country.
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According to the Ministry of Land, Infrastructure, Transport, and Tourism’s (MLIT) LOOK Report for the fourth quarter of 2020, a total of 15 locations recorded an increase in land prices, up from just 1 location in the previous quarter.
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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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