Land values drop for first time in 6 years
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.
Proposal to make property title changes obligatory
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.
More locations see land prices rise in Q4
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.
Government may introduce notification requirements for foreign buyers of sensitive land
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.
Kyoto sells hotel development site near Nijo Castle
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.
More people living in flood zones
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.
Abandoned temple grounds to be nationalized in country-first
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.