The National Tax Agency (NTA) is, according to the Nikkei Shimbun newspaper, working on a plan that could see rosenka land values re-adjusted in the event of a severe drop in market prices.
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The rosenka land values for 2019 were announced by the National Tax Agency on July 1. Nationwide, land values increased by 1.3%. This is the fourth year in a row to record a year-on-year increase. The rate of growth has also expanded, following 0.7% in 2018, 0.4% in 2017 and 0.2% in 2016. This is the first time to see four years of consecutive growth since 1992.
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According to the National Tax Agency, rosenka land values across Japan in 2015 fell for the 7th year in a row, although the decline appears to be bottoming out. This year nationwide land values dropped by 0.4%, which is an improvement from 2014 which saw values drop by 0.7%. In Tokyo, rosenka values increased by 2.1%, after seeing a 1.8% rise in 2014. In Osaka, values increased by 0.5%.
A rapid increase in foreign tourists and a boost in investment in central Tokyo from foreign funds has helped to pull up property values and retail rents.
Midosuji Boulevard in front of Osaka’s Hankyu Department Store saw rosenka land values rise by 10.1% from last year to 8,320,000 Yen/sqm, while Meieki Dori Avenue in front of Nagoya Station saw values increase by 11.5% to 7,360,000 Yen/sqm.
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The 2011 rosenka land valuations released by the National Tax Agency on July 1st showed a decline in land prices across Japan for the third continuous year. Concern is rising, however, over a large scale crash in prices in areas of Northern Japan that were affected by the Tsunami and Fukushima Daiichi Nuclear Power Plant where real estate transactions have almost ceased.
Sendai City, on the other hand, is experiencing a hike in emergency demand from displaced residents.
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