KYOTO - Arashiyama, one of Kyoto’s most popular tourist destinations, is seeing parts of its surrounding residential areas increasingly bought up by foreign buyers, with land near the Togetsukyo Bridge changing hands for sums far beyond what local residents can afford.
In the Saga area, a quiet neighborhood within walking distance of the bridge, foreign nationals are purchasing portions of land, including one site of around 1,000 tsubo, or roughly 3,300 square meters, with an estimated value of about 600 million yen. According to local residents and real estate registry records, the owner of the land is believed to be Chinese.
Under current rules, real estate transactions by foreign nationals are generally unrestricted. However, criticism has been growing that such purchases are contributing to soaring property prices, prompting the government to begin examining the actual situation as it considers whether existing regulations should be revised.
Policies related to foreign nationals have become a point of contention in the ongoing House of Representatives election campaign. From the perspective of real estate ownership, MBS reporter Tomoyuka Kimura explains the current state of foreign property acquisitions and the data behind the debate.
Source: MBS
