TOKYO –
Japan began requiring property owners to declare their nationality when applying for real estate registration on October 5, including when registering the purchase of condominiums and other properties, as the government seeks a clearer picture of foreign ownership of land and buildings.
The Justice Ministry said it is necessary to understand the extent of real estate holdings by foreign nationals from the standpoint of ensuring the appropriate use and management of Japan’s land. Information collected through the new system will be shared among government agencies.
The measure comes as condominium prices in Tokyo remain at high levels, prompting concerns that purchases of real estate by foreign buyers may be contributing to rising apartment prices.
Some critics have pointed to foreign investment in Japanese property as one factor behind the sharp increase in condominium prices, particularly in the Tokyo metropolitan area, increasing pressure on the government to better track ownership patterns.
Source: TBS
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