Japan government implements reporting requirements for foreigner-transactions

Tokyo’s new commercial tower has implemented features to cater to a post-covid world, namely face recognition access and hologram buttons

According to Japan Property Central, some of the recent on-goings in the Japanese real estate market include 98 islands identified for foreigner-transaction reporting requirements, Tokyo Midtown Yaesu to launch in 2022, and office vacancies increase for the 13th month.  

The average vacancy rate in Tokyo’s main five business districts reached 5.42 percent in March, 3.92 points up from March 2020, stated Miki Shoji. This is the 13th consecutive month the city has experienced vacancy rate increases.  

Shibuya was the only district to experience slight drops in vacancy rates, a 0.06-point decrease to 5.49 percent.  

In 2022, Tokyo Midtown Yaesu commercial tower will be scheduled to open on the eastern side of Tokyo Station. Constructed by developer Mitsui Fudosan, this will be the third ‘Tokyo Midtown’ branded development in the city following Hibiya and Roppongi.  

Floors one to four will go to the Chuo Ward Joto Elementary School, seven to 38 for offices (the largest around the Tokyo Station area), and 39-45 for the Bulgari Hotel Tokyo.  

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Office workers will have touch-free access via face recognition, hologram buttons, and automatic elevator guidance. The tower is sure to cater to a post-covid world with UV radiation escalator handrails and antibacterial filters in air conditioning systems.  

The national government has identified 98 islands that would require notice prior to the sale of land to foreigners if proposed legislation is approved. These locations include land within one kilometre of defense facilities and remote islands near national borders.  

Okinawa is included, as well as 39 uninhabited islands. Nevertheless, Okinawa and land around the Ministry of Defense in Shinjuku, Tokyo, might be exceptions from the advance notice regulation.