Hokkaido facing difficult task of regulating transactions on forestry

Regulations requiring advance notification of the sale of land containing a water source came into effect on October 1st, but Hokkaido is already facing the difficult task of identifying and contacting land owners.

In Hokkaido, 53 areas were designated for water resource preservation. Correspondence has been sent to the 4,000 affected land owners, but only 60% could be contacted. The whereabouts of the remaining land owners remains unknown.Read more

by Zoe Ward

Golf courses converted to solar farms across Japan

The Japanese government recently introduced a system whereby electric utility operators are obligated to purchase electricity produced by solar farms and other renewable sources at fixed prices. The system started on July 1, 2012. In order to benefit from the program, suppliers must obtain approval by the Ministry of Economy, Trade and Industry (METI).

Under the feed-in tariff (FIT), utilities will enter into 20-year terms with solar power suppliers. The purchase price of solar power is expected to be set at 42 Yen per kilowatt-hour.Read more

by Zoe Ward

Average apartment prices in Tokyo down 13.5% in August

According to research by AtHome, the average realized sale price of a secondhand apartment in greater Tokyo was 19,750,000 Yen in August, down 6.4% from the year before and 5.9% from last month. This is the first time in 2 years and 8 months that the price has fallen below the 20 million Yen mark.

The drop was particularly noticeable in Tokyo's 23 wards where sale prices fell 13.5% from one year prior, and 12.1% from the previous month. The average price per square meter in Tokyo's 23 wards fell 8% from last year to 446,100 Yen/smq, while in Chiba, it dropped 21.1% to 195,400 Yen/sqm. The average age of an apartment sold in greater Tokyo was 23.5 years.Read more

by Zoe Ward

Four arrested over land swindle in Minamiazabu

Four people from a suspected land swindling group (a practice known as jimenshi) were arrested in Tokyo after being accused of stealing 370 million Yen.Read more

by Zoe Ward

Cheats and tricks in real estate advertising

Japan has rules that regulate real estate advertising to consumers, but they are self regulated by nine organizations across the country. One of those organizations is the Real Estate Fair Trade Council of greater Tokyo. According to the Council, the number of illegal advertising tricks by real estate companies is increasing online. The most common of these tricks is bait-and-switch and misleading advertisements.Read more

by Zoe Ward

Nationwide land price declines shrink in 2012

On September 20, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) announced the results of the nationwide survey of land prices (chika-chosa). The average residential land price fell 2.5% (compared with a 3.2% fall in 2011), and the average commercial land price fell 3.1% (compared with a 4.0% fall in 2011). The rate of decline was smaller than normal this year, indicating that the market is heading towards a recovery. However, this is the 21st year of continual decreases in residential land prices, and the 5th year of continual decreases in commercial land prices.Read more

by Zoe Ward

Can rental renewal fees be avoided?

In a year there are as many as 1 million rental contracts with renewal fees in existence across Japan. But, as a tenant, do you have to pay these renewal fees? And if you do, are the fees reasonable?Read more

by Zoe Ward