There are plenty of myths floating around about purchasing property in Japan. To separate the fiction from the fact, we went to the experts to help us sort it all out.
“Unlike some other Asian countries, overseas buyers can purchase the land outright,” says Jason Holt, CEO, EastEdge Partners.
Charlie Dawson, Sales Associate, Niseko Real Estate tells us, “Commonwealth Bank has a loan program available for overseas buyers that will cover up to 50% of the cost of the property.”
“In New Zealand or Australia, zoning approval can take two or three years. Here we can start with an empty piece of land in May and have the residents moving in by December. It’s incredibly straightforward,” says Simon Jackson, President, NorthPoint Network.
“A guarantor is not always required but can be very useful depending on the type of property, bank and your financial background. This is primarily a residential issue, as banks are concerned about the ability to foreclose in cases of delinquent loans,” according to Tony Collins, Business Manager, IFG Asia Mortgages.
“There are plenty of ex-pat property managers here in Japan who can take care of everything,” said Grant Mitchell, Sales Manager, Tracks Real Estate.
“It’s just Tokyo. Look beyond the center of the city to the outskirts, and there are great deals to be found,” advises Emma Minamisawa, President, K.K. Start.