Land prices are on the rise again, according to the latest quarterly LOOK Report published by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). In the fourth quarter of 2021, a total of 55 of the 100 surveyed locations saw land prices increase. This is up from just 15 locations in the fourth quarter of 2020.
If you are looking at purchasing property in the outskirts of cities, you may come across land that is in an Urbanization Control Area. This land comes with a very different set of building limitations than other classifications. Here’s why you need to pay careful attention to this difference.
Looking to buy land to build on but a little unsure if you’re paying the right price? The best way to determine land prices is to take the time to look at various real estate listings and talk with your agent. With a little research, you will work out how much you can expect to pay in a certain neighborhood.
If you are looking for land to build a house or other building on in Japan, particularly in a city, you may find lots are small in size while supply is limited. Of Japan’s total land size of 37,800,000 hectares, 66% is forest and 12% is farmland. Land for building purposes comprises 1,960,000 hectares or just 5% of the total – and that includes land that is already built on. The remainder is roads, rivers and waterways, and fields.
In an urban location, most of the land is already occupied, so domestic buyers will also consider lots with existing buildings that they can demolish. This is unavoidable in an area with a short supply of listings. If you limit yourself only to vacant lots, you may find very few options.
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.
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.
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.
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.
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.