Whole-building investment scam could extend to 520 billion Yen in loans
There is still no end in sight for victims of real estate investment fraud and predatory lending. The share house investment fraud scandal that erupted in late 2017 is only the tip of the iceberg, with some data suggesting that similar loans for whole-building investments are four times as high.
Will the government's attempt at a national real estate ID system be successful this time around?
The Nikkei Shimbun newspaper ran a recent article going over all of the issues with the government’s attempt to create more transparency and accessibility with real estate data. Anyone who has worked in Japan’s real estate industry or attempted to conduct market research will be well aware of just how little data is available, paid or otherwise.
MLIT considers increasing house height limits
The Ministry of Land, Infrastructure, Transport and Tourism (MLIT) is considering extending the height limit of a wooden house in a revision to the Building Standards Act next year.
No disclosure requirements for natural deaths, MLIT
On October 8, the Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) announced the new guidelines for disclosing stigmatized properties to future tenants and buyers. Up until this point, there have been no clear rules on when or what to disclose to a potential occupant, leaving it up to the real estate brokers to follow their own practices. This has been a frequent cause of trouble and confusion.
600 locations identified under new security law to require reporting for land sales
The national government has begun the process of designating locations across the country that need to be monitored for sales of land to foreigners. The list now stands at over 600 locations, including areas around nuclear power plants and military bases.
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.
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.