In December, Japan’s Liberal Democratic Party announced its intent to introduce legislation to add new restrictions to the ability of foreigners to purchase real estate in Japan. In March, a government expert panel began holding meetings to discuss possible changes legal changes in order to address the economic and security concerns being voiced by proponents of increased regulation, with the aim of making a proposal by the end of the currently ongoing parliamentary session, which is scheduled to end in midsummer.
That timetable is now getting shifted back, as the panel is now saying that it is postponing any possible recommended bans on foreigners purchasing property until this coming fall.
The push for tighter restrictions reflects two growing concerns among a vocal portion of the Japanese population. The first is espionage threats from foreign countries, with China the most commonly perceived potential perpetrator. Under the current laws, foreign nationals buying real estate within close proximity to Japan Self-Defense Force bases, nuclear power plants, and other facilities deemed to be sensitive sites from a national security standpoint must disclose their nationality and declare the purchase to the Japanese government. Among the ideas being considered by the panel are installing a framework where instead of simply declaring such purchases, the buyer would have to apply for a license to complete the transaction, granting the government a form of veto power to stop the sale.
Real estate purchases by foreigners have also been attracting increased negative attention in Japan for economic reasons. While Japan’s total population is shrinking, it’s also becoming more concentrated. Instances of foreign buyers purchasing condominium buildings in high-demand areas and aggressively raising rents beyond what the current residents can bear, turning individual condo units into short-term rentals for ill-mannered tourists, or purchasing tracts of land for disruptively large redevelopment projects may still represent only a portion of real estate transactions in Japan, but when they do happen the public and policymakers definitely notice.
Unfortunately, there’s a third group of people who could get caught up in any wide-ranging ban on foreigners buying property: law-abiding foreign residents of Japan who simply want to purchase a place to live. Hopefully the panel will realize and remember that not every foreigner looking to buy real estate in Japan is a spy or speculator, and will leave a path for home ownership open to them within whatever recommendations it makes in the fall.
Source: Yomiuri Shimbun via Jin, Japan Times
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12 Comments
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quercetum
Hopefully…. good one.
The population’s shrinking and half the houses are empty.
Empty logic is also plentiful.
Spitfire
Think the Japanese government should restrict foreign ownership of land without a doubt.
With the way the Yen is going there won’t be much left in Japanese hands especially at the rate the Chinese are gobbling up the real estate.
Bob Fosse
According to government data 1 in 7 homes in Japan are empty or abandoned.
Revising tax codes would help as would assisting in demolition costs.
Demonizing foreigners won’t help.
sakurasuki
Exactly there are plenty ordinary John and Jane in Japan, who work everyday pay their taxes and just want to buy property.
sakurasuki
Basically just another piece of paper or hanko, for foreigners to complete property transaction, while Japanese wouldn't need this kind of hanko.
Agent_Neo
Recently, problems have arisen regarding remote islands purchased and developed by Chinese nationals, and mosques built without authorization by Kurds.
The problem stemmed from Chinese nationals purchasing water sources and land surrounding Self-Defense Forces and US military bases.
Regulations in this area are necessary.
Purchases of general housing and other properties could wait until future developments are observed.
However, while Chinese nationals can buy land in Japan, they cannot buy land within China. In terms of reciprocity, it might be acceptable to target only Chinese nationals.
DanteKH
There is an easy fix for all those Akia's that are abandoned all over the country. Remove, or significantly reduce the enheritage tax. Simple.
TokyoLiving
Do it Japan..
Wesley
The government should also go after the ones who ALLOWED this to happen in the first place.
They never should have allowed it right from the beginning!
Ah_so
Allowing purchases of property by non-resident foreigners is crazy, and has been a huge problem in other cities, like London.
HopeSpringsEternal
Good idea, as Japan's aging and depopulating FAST, so property prices on any "REAL" basis, falling everywhere, anyone who owns property in Japan knows their 'real' value's sinking like a rock, even Tokyo mansion owners
Just sell your property and see what you can actually buy with your Yen today and no, empty homes are not your imagination, inventory of empty homes grows daily!
oldman_13
Good, hopefully this xenophobic proposal gets postponed forever.