Japanese govt. to look into condo purchases by foreigners
Japan's land ministry is planning to conduct its first-ever survey on purchases of condominiums by foreign nationals for investment.
Some analysts believe that the purchases are behind rising condo prices, particularly in Tokyo. But the Japanese government lacks data to gain a clear picture of the situation.
Prices of new units have been soaring in the capital, averaging over 100-million yen, or more than 690 thousand dollars.
The land ministry will analyze condo registry information received from the Justice Ministry. Registries do not indicate buyers' nationality. But the land ministry says it will examine the owners' home addresses to determine whether they are foreign nationals.
The ministry plans to look into registry information going back several years covering about 110-thousand transactions annually. It will use the information to determine the rate of purchases by non-Japanese citizens and whether the trend is rising or falling.
Real estate purchases by people from abroad are legal. But speculation, such as reselling properties after holding them for short periods, can inflate prices if the practice becomes widespread.
The risk is that residents may find buying their own homes unaffordable.
The ministry plans to use the survey results to study future housing policies.
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