Now is a good time to buy property in Tokyo

By Megan Waters for BCCJ ACUMEN

Foreign investors are, once again, purchasing Tokyo property. According to the 2012 annual report of the global property-consulting firm Jones Lang LaSalle, Tokyo was the fourth most popular place in the world for real estate investment.

The 2008 Lehman shock pushed Japan’s real estate market into a slump, while the industry had a very difficult time here after the 2011 Tohoku earthquake and tsunami, according to Hirokazu Mukai, president of Minato Asset Management Co Ltd.

The investment firm, which has been operating in Tokyo for eight years, conducts real estate transactions in English and Japanese.

“We lost clients who were about to exchange purchase contracts within the week [of the triple disaster]; others postponed deals. But just one month after [the disaster], we had a flow of clients”, Mukai said.

Included were two prospective clients who, having looked at properties before the earthquake hit, decided to buy them anyway, realising how safe and well-built residential properties generally are in Japan. As a result, Mukai believes that people felt relatively safe in Tokyo, despite having experienced a major earthquake that resulted in damage to only a few buildings.

According to Mukai, as issues at the Fukushima Daiichi Nuclear Plant have stabilised, foreign investors are returning to Tokyo seeking property.

In addition, the new Liberal Democratic Party government has put forward a decisive plan to rescue the Japanese economy from long-term deflation. Moreover, compared with other countries, he noted, the yield between real estate income and borrowing rates remains high.

Mukai’s firm uses its expertise in real estate investment to provide a wide range of services, including assistance with rentals, real estate management and the purchase and sale of property; advice based on financial background; guidance regarding investments; and help with Japanese legal documents.

“Now is a good time to invest in property here as the Japanese government and the Bank of Japan have set a clear inflation target of 2%, and there is a rising expectation of inflation among investors.

“I believe the revision of the consumption tax that is expected sometime next year will increase property prices because all materials add up at a certain percentage”, he said.

The advantages of investing in Tokyo property, rather than that in Hong Kong, Singapore or other Asian countries, is that the yield here is much higher and more stable.

Real estate prices in other Asian cities have been high for many years, thus the risk of capital loss is higher than in the Japanese market. As a result, investors are choosing Japan as an alternative. Nevertheless, Mukai believes that one is not as likely to accrue capital gains here as in other Asian countries.

Investing in property is not risk free. There is always the possibility that investors will lose some of their money, while one runs the risk that there will be vacancies and legal issues.

“These [risks] are the same as in the global market, so if you have an investment property in another country, the risk itself is basically the same.”

The advantages of owning a property as an investment outweigh the risks. Over the long term, he said, “you can have a stable income and, if you are lucky and very knowledgeable about the market”, the income gained should be relatively stable.

However, capital gain in the Japanese market comes mainly from developments. If developers need your land for a certain project, they will pay a large amount for it.

Based on his experience, Mukai believes that Tokyo’s 23 wards are the best areas in which to invest. That said, very central areas do not provide the highest income.

“If you are a skilful investor, there may be a small possibility of capital gains in these areas, but future development plans are essential for this to happen”.

When considering investing in property, potential buyers should consider location, tenant stability, finance, property conditions and cash flow.

Mukai believes the current and forecast stability of the economy will have a positive effect on the market, although it may have a negative effect on those looking to buy property.

In addition, many industry experts anticipate an increase in real estate prices this year.

Anybody can invest in real estate in Japan. Although holding a permanent or spouse visa helps one obtain better bank loans, the only requirements are money and identification.

In the future, Mukai believes that the property investment industry “could suffer from large numbers of vacancies in certain areas and a decrease in potential tenants. But, investors could benefit from increasingly stable incomes, even if the country’s population does not increase”.

“I believe the return to power of the Liberal Democratic Party may have a positive short-term effect on the industry”, he added.

© Japan Today

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I hope the Japanese government stamps out the bubble before it starts.

-1 ( +2 / -3 )

We sold our place two days ago! Very happy to make the sale and no loss on it compared to when we bought (before the quake) but... :( ......I have LOVED this apartment! Oh well - onwards.

I get what they are saying about prices rising due to consumption tax increases, inflation etc but you can hike your property price up by 50% if you want to, its no good to you at all if no one is buying it!

I find it hard to believe, with stagnant or dropping income levels, more and more people on temporary contracts and continued economic uncertainty about the future that the market is going to boom again any time soon.

I also find it very hard to believe that Tokyo is the 4th most popular place in the world for real estate investment. Really??! So says a representative of a company whose business is conducting real estate transactions in Tokyo. He is hardly going to say Tokyo is sh1te, dont come here now, is he?!

6 ( +10 / -4 )

Sure let's all buy overpriced real estate that gives zero chance of capital growth in a land with one of the most greying populations in the world with high debt. Tokyo is due for another large quake. In earthquake hit areas people are apt to leave-where will the rent come from then?

2 ( +5 / -3 )

No, this is not a good time to buy. Everything is still overpriced, and not just a little.

Prices will fall a lot lower..... and certainly not, because some fools believe they know anything about earthquakes. Why is this simple fact so hard to understand: THERE ARE NO EARTHQUAKE PREDICTIONS!

0 ( +3 / -3 )

The "Lehman shock" is wasei eigo. People unfamiliar with Japan mostly have no idea what this refers to. Isn't it the worldwide economic crash? Worse, even some Japanese people I know ascribe full blame for the global meltdown to Lehman, which is ludicrous.

2 ( +5 / -3 )

Yes Japans population is ageing, like many other leading developed countries. However, the population will continue to become more focused on cities so city prices will continue to give a fairly decent return, as that's where the population wants to live.

If you are going to be living here long term then buying a place is a no brainer. With what you pay and ultimately write off on rent, it makes much more sense to get a mortgage with a very low fixed rate. I'm paying less per month for my 3 bed house mortgage, than I was for my 1 bed apartment rent and in the end I still have the land to sell.

2 ( +2 / -0 )

I won't buy because Japanese residential properties are so unattractive. Aesthetically challenged, small windows, industrial-style balconies, no view, no use of the rooftop as patios, etc. no (free) underground parking, scant local greenery, no storage lockers and -- above all -- low energy efficiency.

That means you freeze in winter, and boil in summer, despite exorbitant electricity bills. Your home becomes an accomplice in your misery, not your shelter. All for price that is still way beyond what you'd pay in many other Western countries. No thanks!

2 ( +7 / -5 )

With Abe determined to trash the value of the Yen it might be a good time to invest in other assets, such as land and property. There was an advert for a book in the paper this morning which claims that land prices are soaring, although I haven't seen much evidence of that around here.

0 ( +1 / -1 )

@JeffLee makes a valid point. For a culture that is probably the most sensitive to detail the legacy of poor city planning is reflected in so many Tokyo buildings. Colleagues from Singapore and Hong Kong look at me in amazement on trips to Tokyo in the summer at how hot train stations, taxi queues, and restaurant arcades are.

Also wish I had a dollar for all the times we needed to scramble in futility to get the building kanrinin or maintenance people to allow us to lower the temperature below the set minimum. Needless to say nothing could be done about it and a couple guys were drenched in pure misery while office ladies had blankets draped across their laps.

3 ( +5 / -2 )

buy in tokyo? u must be joking. earth quakes, mount fuji only two risk factors not to buy. rent rent rent !! dont wanna be a bank slave for rest of my life.

2 ( +3 / -1 )

For Office rents to move higher its simple.... Supply vs Demand. Tell me.... where are the companies that are doing well and need more office space? How many buildings with office space have you seen torn down lately? We're seeing, and not for the first time, Japanese companies selling Flagship Properties. Has something somehow changed in Japan all of a sudden. Has the Yen gone to 120.... is Corporate Japan again competitive and innovative.... sorry but no. And it is only when these things happen that Office Rents rightfully move higher. You've seen a 20% increase on the back of Abenomics.... which is in itself just putting off the inevitable collapse that WILL come. When the Economic crash hit the USA in 2008.... Real Estat in many parts of the country dropped by 50%. Japan has still not fully repriced its Real Estate from the Bubble collapse over 20 years ago. Wake up and Smell the Roses! There will be no meaningful Real Estate rebound in Tokyo until it has fully hit bottom and that has not happened yet.

2 ( +4 / -2 )

As to the comment , anybody can get a mortgage, you only need money and ID, exactly who offers a mortgage to a foreigner without permanent residency or spouse visa? We have more than 50% deposit but cannot get a mortgage. Anybody including the writer of this article, could you give me an example of a lending institution willing to do so.

Much obliged.

0 ( +1 / -1 )

Funny that an article titled "Now is a good time to buy property in Tokyo" is posted on the same day as an article titled "More firms selling prime real estate to get cash", which essentially says that the local firms are getting out while the getting is good because renting is much better since there are so many vacancies.

Of course the spin given is that in the near future rent prices will be going up since real-estate prices will be going up. But if that's the case, then why on earth would someone choose to sell now? (for short term profits? Companies with major real estate assets do not think with such tunnel vision)

OR are both of these articles simply plugging foreigners to invest into Japanese real estate, since only non-resident gaijin would be foolish enough to buy? Sure, maybe the prices will go up. But the value of the yen is expected to go down (so far, over ten percent since Abe got elected three months ago) and that depreciation totally negates any property value increase (which hasn't happened yet, mind you).

Furthermore, there are also the property taxes involved, which never get mentioned (and one would still pay regardless of whether the property is fully owned or mortgaged, rented or vacant). And any fool who buys a "mansion" also has to pay the monthly service fees (which also are never-ending) usually between 20 and 50,000.

But the big kicker, that is absolutely contrary to all suggestions of increasing property values, is the lack of occupants. I have seen so many apartment buildings getting built recently, and the trains are flooded with ads for new ones daily. But as the population ages, people tend to either downsize or move out of the city all together. And to stick a knife in it all, the overall population is expected to DECREASE substantially in the coming decades, by 25% according to the government between now and 2050. Thats from around 125 million now (the peak was 2 years ago, its already dropping as I type) to about 95 million in less than 40 years (and it will continue to drop through year 2100 at the same rate). That's 30 million people in 40 years! That's practically the entire popualtion of Kanto! And when you think of the increasing number of kids staying at home, and fewer workers filling offices, then... well WHO exactly is going to rent these places???

Simply put, The Japanese firms are quite wisely dumping the properties now while they can. And if some gaijin investment firm wants to be stuck with them, all the better for Japan Inc. But personally, its clear only an idiot would buy property in Tokyo with the belief that it will be a good investment, because at the end of the day it is only worth what you can sell it for, and no buyer means no sale.

-1 ( +2 / -3 )

You buy 5 condos for 35 million each here in central Shinjuku, new building. Get a 35 year mortgage, interest 1.35%, and a 35 year mortage payment of 100,000 yen per month. The units rent for 170,000 yen so you pocket 70,000 yen per month per apartment, minus maintenance fees and taxis (about 90,000 per year per condo). So you have a 300,000 yen income. I know as the apartments get older maybe you can't charge quite as much, but buy in a good location (next to train station, supermarket etc.) The main thing is that you pocket 300,000 yen per month, and YOU DON'T DO ANYTHING!!!! Just sit at home and enjoy life. Or add that to your regular income, great! And save to pick up a few more apartments. Damn the earthquakes etc. There is no way to know what is going to happen. Oh, how do I know? Well, never mind.

4 ( +5 / -1 )

PS Japanese fims are selling office properties, not residential properties.

4 ( +4 / -0 )

Have you seen the latest inheritance tax revisions (in effect 2015) targeting foreigners. If you die with a Japanese property, it is immediately subject to a punitive inheritance tax of up to 55%, even if the receiver is non-Japanese resident. The threshold is JY 30,000,000 which is basically every property in Tokyo. All property in Japan is subject to this tax, whether the owner or giver is Japanese or not and whether the receiver is Japanese or not (i.e. Japanese or Japanese resident both cases).

Furthermore, if you sell the property before you die, as a foreigner, 10% of the sales proceeds is withheld, even if you make a loss on the property. You can claim back that 10% but not after you hire a tax accountant costing JY 200,000 and up to make that claim for you. Furthermore, as a property owner in Japan, you are required to file income taxes which will require you to hire a tax accountant to file for you. Tax accountants in Japan are expensive, sometime like JY 100,000 each time. And this obligation is yearly.

-1 ( +1 / -2 )

"You buy 5 condos for 35 million each here in central Shinjuku... 100,000 mortgage... rent for 170,000 each...."

Yes, in theory you seem to pay less than borrowed, IF all five are rented. Go a month with one vacant, and the "profit" of one and a half of the other condos is gone. Go a month with two units un-rented, and all "profit" is gone. And the same goes for office spaces and commercial properties. But, don't forget that the taxes are paid whether they are rented or not. Monthly maintenence fees are paid whether they are rented or not (though the renter usually pays these, when un-rented, the owner does, and in a new condo building they are about 35,000 average). And general maintenence fees (new flooring, painting, general repairs) are all paid by the owner. And of course, you need to pay income tax on your "profits" (and since your income will be inlfated, you'll pay at a higher tax rate on all of your income), which in turns means higher pension fees, Ku-tax, and health insurance (all based on income). And since figuring such finances will be a heck of a lot more difficult, add in your time and/or tax accountant's fee to figure it all out.

Hey, take a walk around Shinjuku. The proliferation of real-estate offices that are overloaded with vacancies even exceeds hair salons and chiropractors (of which there are also way too many). There are at least a dozen realtors within 100meters of any station anywhere in the city, each with a plethora of listings. But the point is, the number of new residents is at best stable in Tokyo, and more likely decreasing (I'll agree that the country-side will have way more effect from the coming depopulation), but the number of new units just keeps going up up up. I see single family houses demolished and replaced with multi-unit apartments in the city center every day.

Articles like this aren't really reporting, but instead trying to spark interest in a doomed bubble industry (really, who benefits? If it was so lucrative, why wouldn't the builders just rent them out themselves?). The same speculation happened in the US, Dubai, and currently in China. But at least all those places have a stable/growing population of renters and office workers. In my opinion, the only good real-estate investment in Japan would be nursing homes.

0 ( +1 / -1 )

Urqinchina, whilst I cant guarantee who will give you a loan of course, try speaking to Mizuho. I am married to a Japanese lady but im on a working visa and the loan from them was 75% of the property value and secured on my income. BOTM UFJ also offered me a loan and I heard that Shinsei and Citibank are pretty flexible too. Mizuho basically wanted to know that I was going to make an effort to get PR (which I hope to when I pull my finger out) but havent asked for any hard evidence. The realtor at century21 helped a lot as I had found a bit of land with a free plan building scheme, so I get to choose the floor plan and exterior design, not what some company has already decided and built.

It can be done but took a while to figure out how to do it and a lot of trips around real estate agents, many of whom will take one look at you being foreign and not really take you seriously. BUT find a good realtor and have something in mind to buy, it makes life a hell of a lot easier as they will approach banks for you.

0 ( +0 / -0 )

@Supey, you are either a risk taker or not. I am and you are not.

0 ( +1 / -1 )

To Spanki, The key here is that your are married to a Japanese Lady, both my wife and I are foreigners.

0 ( +0 / -0 )

Ah ok Urqinchina, I will have an ask around, try Shinsei and Citibank though. You should be able to get it sorted, speak to a real estate broker who is geared up to foreigners, they will be able to help you but you might have to pay a slightly higher interest rate.

0 ( +0 / -0 )

Thanks Spanki, We have been looking but it seems that PR is a prerequisite , or a Japanese sponsor.

0 ( +0 / -0 )

As a side note to the commentators above, we are considering purchasing a property in order to stop paying rent.We are not interested in purchasing a condominium because of the maintenance fee, extra parking costs which rapidly approaches 50,000 yen per month in the suburbs. A house seems the better deal in the long run and you have the advantage of it being your own land. Only have to worry about the land tax each year and maintenance according to your schedule and do it yourself abilities. Our next door neighbour pays 70,000 yen each time the Ojisan comes to prune the trees! The amounts paid under condominium maintenance is eye watering.

0 ( +1 / -1 )

@Supey, you are either a risk taker or not. I am and you are not.

Exactly gokaiwo-maneku. Investing in Japanese real-estate is a risk. A major risk. Yet the article states "The advantages of owning a property as an investment outweigh the risks." Really? In earthquake-prone, radiation-threatened, energy-starved, de-populating, commercially down-sizing Japan? To insure a property for natural disasters is so costly most just take the "risk" of not having any.

The article also claims Japan has "higher yields" than elsewhere but what are the sources of these numbers? I challenge anyone to find an existing property anywhere in Tokyo, either commercial or residential, that has appreciated much in YEN in the past two decades.

Yes, if you compare the yields from 2007 to 2012 in terms of a foreign inevstor buying a property six years ago and selling it last year and then remitting the money into dollars or Euros, the yeild was indeed awesome. But that's because the yen appreciated so much. One could have done the same thing with cash. But does anyone on earth think the yen will appreciate like that again? A better investment right now would be the old "yen carry" -borrow yen at low interest, convert it to foreign currency, buy bonds in that currency, use the bond interest to help pay off the loan, and then remit 70% of your holdings and pay off the whole loan when it hits 120 to the dollar. And keep the other 30% as a tidy profit from actually benefitting from the sinking ship called the Yen.

Oh @Urqinchina, yes you are way better off buying land than a mansion. This is a hard asset at least, where as with a mansion it is guaranteed to depreciate the same ways as a new car. But do check about property insurance for natural disasters, it ain't cheap.

-2 ( +0 / -2 )

Furthermore, as a property owner in Japan, you are required to file income taxes which will require you to hire a tax accountant to file for you. Tax accountants in Japan are expensive, sometime like JY 100,000 each time. And this obligation is yearly.

Not true. If you can read Japanese you can easily do it yourself. If you need assistance, you can go to the tax office and ask for an English speaker. I used to do so before getting married. Now my wife takes care of the taxes. By the way, I will be on the receiving end of a 300,000 yen housing loan tax break this year.

1 ( +2 / -1 )

I challenge anyone to find an existing property anywhere in Tokyo, either commercial or residential, that has appreciated much in YEN in the past two decades.

クリオレミントンハウス恵比寿 (built 1998, sold at 132% of the price), 青山ザ・タワー (built 2002, sold at 149%), みなとみらいミッドスクエア・ザタワーレジデンス (138%), etc. The criteria include location (popular, central, convenient, etc), exterior / facade, a "grand" entrance, greenery, maintenance, safety, and whether it's a famous construction co or not.

1 ( +2 / -1 )

urquinchina, "maintenance" cost is usually around 10,000 yen per month for most condos, including my own. The maintenance guys clean up, change light bulbs, take out the trash from the locked "trash room," and remember names and faces. Condos are way better in terms of security as well. As for parking, I live within the 23 wards of Tokyo and my condo offers a parking space for 15,000 yen (about half the average price in my area). As for "shuzen tsumitate kin," it's money saved up for general repairs for the whole condo. This would include things like renovating the exterior of the condo. My medium-sized condo has already saved up 70,000,000 yen for future renovations. I pay 10,000 yen per month. supey11, I actually went and saw dozens of condos before buying mine, and I've looked at over 100 on paper. A 30,000 yen maintenance fee is quite expensive in my experience. 50,000 is outrageous. I pay 20,000 total for kanrihi and shuzenhi, and I live in a 3LDK.

1 ( +2 / -1 )

jefflee, my condo has a big window facing southeast. We get plenty of sunlight and a pretty good view. Also, condos are much warmer in the winter compared with normal Japanese houses. spanki, totally agree. My monthly loan payment is under 90,000 yen for a 3LDK condo 5 minutes from the station. A few years ago I was paying 125,000 yen for a 1LDK apartment 15 minutes from the station. I have a fixed rate of 1.8% for my loan, but I'm paying 1.1% for the first 5 years because my condo qualifies for the "S-eco" plan.

0 ( +2 / -2 )

Well, congrats Mr Kobayashi. You win!

-1 ( +0 / -1 )

Nuclear crisis lessons not learned. Me no buy real estate here anymore.

0 ( +1 / -1 )

@mrkobayashi, If you go on foreclosed homes website in Japan , it is very rare for the maintenance fee and general repair fees to be under ¥20,000 per month and usually not over 30,000. There are usually 300 to 400 condos listed each month From all over Japan and the average is about 25,000 a month.

1 ( +1 / -0 )

@cur1ouscat do you have a reference to that? I don't know yet of any discrimination between Japanese and holders of a PR permit, in the tax laws that is. Actually I didn't understand why you stated that foreigners are targeted. Did you mean non-residents of Japan? When I die, if there's a tax difference between a Japanese national and a foreign national, both residents of Japan, I'd like to know... Also, I do business related taxes on my own, in Japanese. Not so hard compared to the European legalese; that took some time but it's worth learning the jargon. Besides, tax accountants don't teach you how to save money by choosing the right options.

0 ( +0 / -0 )

@supey11, Hmmm. How much is the disaster property insurance each year ? Something I haven't actually thought about. In new Zealand it was reasonable but then the govt didn't have enough in the pot to cover the Christchurch disaster.

0 ( +0 / -0 )

Urqinchina, insurance is tax deductable.

-1 ( +0 / -1 )

@mr kobayashi I have just read your above comment and realised that if the repair fund has already built up 70,000,000 in reserve funds ,then you must have bought second hand. My question to you, is this condo in a govt UR building or in a public danchi.

0 ( +1 / -1 )

@Urqinchina No so expensive actually. But the thing is, you probably get peanuts in case of a major disaster. There is a given amount of money prepared in that event by all the related insurance companies, then they divide it by the number of cases. Each may receive more or less depending on some criteria, but the total is fixed. I asked before. I subscribed anyway since that would pay the capsule hotel bill for 2-3 months, with luck.

-1 ( +0 / -1 )

Urqinchina, as you say, it is usually around 20,000 to 25,000 yen for family-type condos. Cheaper for smaller ones. For insurance, it was around 170,000. It's a one time lump payment but you don't ever pay again and it covers everything. Yes, I got mine secondhand (9 years old) and spent about 700,000 yen for new wallpaper, tatami, gas range, kitchen hood, etc, but I negotiated a roughly 1 mil discount. It's not UR or danchi, to answer your question.

1 ( +2 / -1 )

So regarding insurance for a disaster "I subscribed anyway since that would pay the capsule hotel bill for 2-3 months, with luck. -@Tepcomatic" You mean that for an "investment" of tens of millions of yen, if it gets wiped out, or even just condemned, all you'd get is enough for a couple months hotel? How about the rest of the mortgage? I thought the whole point of this article was the great opportunity here for investment with minimal risk?

-1 ( +0 / -1 )

I just checked my kasai hoken and I'll get around 15 million yen in case of fire / earthquake. That's more than a few months of living in a hotel.

1 ( +2 / -1 )

To me, a 35 year loan is never a "good" time to buy. If I could get everything together? A 10 year loan MAX.But I like the flexibility of being able to pick up and go at any time, which unless you are filthy rich,does not allow that option.My good buddy was talking about investing his spare 10 mil in real estate the other day,based on Japan's economic potential growth.I said yeah if in the sticks,but no upside there either.

-2 ( +0 / -2 )

@Supey11 I preferred to buy an old apartment for a very good price and spent almost as much to have it fully reformed to my size/liking. By my understanding, how much I'd received would depend on the aftermaths, but the keyword being "old", I'd receive like more or less 3M Yen at best if only my building was damaged. However, if half of my Ku gets wiped out, so will be my share on that. Mrkobayashi seems sure that he will receive as much in any case, but I think it's a cap. No offense, but I don't believe it's realistic to expect to get insurance companies to pay millions to millions of people. They might just go bankrupt in a huge disaster scenario. It was even said they would need to reimport so many Yens to Japan, that the global economy would go down (starting with Insurance companies selling their assets/stocks in the US to provide the cash). Let's hope the building technology will prevail. Regarding the mortgage, I'm not sure. But the seller had a mortgage on this apartment and I cannot forget that he was p!ssed because the loan lender was there, the day I paid, to collect his money. And the lender was served first. So I guess risks are not the same for some institutions. Well, I don't speak in the name of the promoters investment with minimal risk, but this is disaster country here. I think the culture is about accepting it, and "minimal" relates to the local definitions of "risk".

-2 ( +0 / -2 )

jefflee,I have my condo in Yokohama with big windows, garden. I have a small real eastate tax. In NY USA for same condo you have to pay unbelievable real estate taxes!!! I agree, it's a good time to purshase Japanese real estate.

About natural disasters, it can be anywhere. If you watch TV News you should know Hurricane Sandy 2012. In same year it was earthquake in NY.

0 ( +3 / -3 )

What does that mean for the future of the Tsukiji fishmarket?

0 ( +1 / -1 )

I'm selling a suburban 3LDK mansion (with underground parking and storage unit) perched up on a hill in Kanagawa Japan. 12mins walk from Tama-Plaza Stn, 17mins from Shibuya to Tokyo by train. Asking price 49,000,000JPY

-1 ( +0 / -1 )

frazis can you email me the property details?


0 ( +0 / -0 )

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