Anyone here have or experience owning real estate in Japan?

[nsxsupra]

Anyone here have or had experience of owning real estate in Japan?

Does anyone have experience of owning real estate in Japan? if so what are the major things that I should be aware of (mortgage is not an issue, as I am paying off everything at once)? Are there certain restrictions for US citizens?

I am currently in Japan at the moment, I am planning on buying a small mansion/unit in Tokyo this year, not for investment, just to a place for me to stay 3~6month every year. I will still live in US 70% of time.

I have looked at a few places already, the price is quite amazing, for the price of a decent used 360Modena, it is possible to buy a small unit in major districts in Tokyo, the size is ok for 1 person and maybe 1 female guest occassionally.

 

[nuccaJB]

Are you even allowed to buy property if you are not a citizen? I lived in Okinawa when I was a kid and my parents could not buy property because we were not citizens. I know Okinawa is a different country, but it has a lot of similarities to Japan.

 

[spyderplayer2002]

I assume you are probably allowed to buy property but would have to get some kind of special permission, perhaps?

 

[dawggpie]

i thought Tokyo prices were still inline with Manhatten prices even after 10+ years of stagflation. For the price of a Modena u'll get a closet in Manhatten.

 

[Juice]

i thought Tokyo prices were still inline with Manhatten prices even after 10+ years of stagflation. For the price of a Modena u'll get a closet in Manhatten.

My thoughts exactly.

 

[nsxsupra]

i thought Tokyo prices were still inline with Manhatten prices even after 10+ years of stagflation. For the price of a Modena u'll get a closet in Manhatten.

Here you go, 100000+ units to choose from:
http://used.realestate.yahoo.co.jp/bin/csearch?rps=4&pf=13&md=area

Something you can buy with $120k USD in Tokyo:
http://used.realestate.yahoo.co.jp/...&md=area&sap=1&geo=13104&code=008100008441736

I am not familiar with Manhatten, the price in Japan is at all time low at the moment, USA is at all time high. Typical used mansions in 23 districts in Tokyo range from $50K USD to $5million USD.

Brand new single house with garage can even be purchased at $350~$500K usd.
http://new.realestate.yahoo.co.jp/b...sap=1&pflag=1&pict=1&search=1&bflag=0&ln=2177

Are you even allowed to buy property if you are not a citizen? I lived in Okinawa when I was a kid and my parents could not buy property because we were not citizens. I know Okinawa is a different country, but it has a lot of similarities to Japan.

Why not? Maybe it is just Okinawa, there are hundreds of thousands of foreigners who live in Japan that own property, the real estate agency assured me that it is perfectly fine for foreginers to buy real estate, you don't even need visa or long term visa to buy, if you are paying off at all once without having to take out a loan.

Below are some facts I found recently on various web sites:
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As a foreigner in Japan you are not restricted in the purchase of real estate.

However if you are considering purchasing property in Japan it is wise to have your long-term or permanent visa agreed first. If you don’t have a visa (and a decent job) you may find it impossible to secure a mortgage or other loan from a bank in Japan.

Of course if you have enough money to make a cash purchase this will be of no concern to you!

 

[robr]

mansion apparently has a different meaning in japan

 

[nsxsupra]

mansion apparently has a different meaning in japan

Yes, the meaning of the word "mansion"/manshon is completely different in Japan. They usually use the word mansion, they call it manshon btw for small units or even apartments rather than using apartment/aparto, strange but true. For the price of used of Modena around $130k, that is as good as you are going to get, keep in mind loan is not an option, it needs to be paid off completely up front. I know that $130k usd cash will be well spent, obviously parking space is not included. The housing price is at all time low in Japan, approximately 30~40% of what they were, way under valued. I have already checked out a few in person during this trip, they are actaully fairly nice for the price. I have rented something smaller during 2001~2002 for $1.1k USD per month in Japan in the past.

I just got back from Japan this morning, most definitely buying on this May or June. I do have other concerns as being a US citizen, do you need to report to the US government when you purchase property overseas? any other legal issues with American law? double property tax?

Don't anyone here own any real estate in any other countries out side of US? so far zero useful feedbacks, other than question, I am still doing research, there have got to be other issues that I have not yet even thought of.