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Japan is divided into eight areas, starting from Hokkaido, the northernmost island, and roughly divided into Tohoku, Kanto, Chubu, Kinki, Chugoku, Shikoku, and Kyushu (including Okinawa).
Kanto, where the capital, Tokyo, is located, is the most densely populated area, and real estate acquisitions for investment, such as tower condominiums and luxury hotels, are intensifying.
On the other hand, “Kansai,” which includes Osaka, the second largest city after Tokyo, and Kyoto, which is well known throughout the world, is one of the most prominent economic zones in Japan, but it is a blue ocean for real estate investment, leaving much more room for development than Tokyo.
The nominal GDP of the Kansai region is approximately $848 billion. It accounts for 17% of Japan's total GDP and is comparable to the Netherlands and Saudi Arabia. In addition, Osaka and Kyoto, along with Tokyo, dominate the top three most attractive cities in the world in the “Conde Nast Traveler” ranking.
Japan is a well-developed, developed country, and while property values are not expected to skyrocket, the stability of the yen, the attractiveness of the country as a tourist destination, and the popularity of Japanese culture and food make it a low-risk destination.
In Japan, there are no restrictions on foreigners purchasing real estate, and they can do so under the same conditions as Japanese nationals. Because there is no additional taxation, the real estate investment market is very accessible to foreigners.
With yields in Japan as high as 2.0-5.0% in Tokyo and 3.5-7% in Osaka, compared to 1-3% in Hong Kong and Taiwan, and low borrowing rates, the Japanese market is very attractive for securing yield gaps.
Unlike the real estate markets of most developed countries, Japan does not have regulations or distinctions regarding real estate ownership between Japanese and non-Japanese nationals. The hurdles for foreigners and non-residents to own real estate in Japan are not very high.
The most common form of ownership in Japan is “wholly-ownership. The owner will have the exclusive right to use, own, develop, dispose of by deed or will, and create profits. Wholly-ownership implies absolute ownership of the land and allows the owner to use the land for any purpose, subject to city planning laws and building codes. If the owner dies, the land passes to his or her heirs. In this case, too, there is no distinction or difference in regulations between Japanese and foreign owners.
In addition, OM Estate can accommodate various types of ownership conditions, such as “condominium ownership,” in which the owner owns part of the land and buildings, and “leasehold ownership,” in which only the land is leased for a certain period of time and a building with ownership rights can be built on the land.
Full ownership is the most common form of real estate ownership and refers to an absolute right that lasts in perpetuity. The owner of the land or building is free to use, sell, or transfer the property, and since land and buildings are treated as separate properties in Japan, each has its own form of ownership.
Partitional ownership is a form of partial ownership of an apartment complex or commercial building. For example, in a condominium, each owner has his or her own unit, and the common areas or grounds of the building are shared by all owners. Each owner has a fixed percentage interest in the entire building.
A leasehold is a right that allows the lessee to use the land exclusively by paying ground rent to the owner of the land for a certain period of time. Under the land lease agreement, the lessee has the right to use the land for his own purposes, such as building a building, but does not retain ownership of the land itself.
In real estate transactions, it is important to select a qualified agent to represent your interests. The agent should have real estate appraisal skills and no conflicts of interest. The agent should be bilingual, as many people in Japan do not speak foreign languages.
Experienced and unbiased agents can introduce not only publicly available properties but also a wide range of privately held properties. Furthermore, agents like OM Estate, who are capable of constructing their own buildings, can also include land-only properties as potential purchases, expanding your investment possibilities.
Once the buyer has decided on the property he or she wishes to purchase, negotiations and property inspections begin. To fully understand the condition and location of the building, the buyer and his/her agent may inspect the property. At that point, the agent will provide basic information about the property, but detailed documents and information will be disclosed to the prospective buyer after a non-disclosure agreement (NDA or CA) is signed.
A Letter of Intent (LOI) is signed to confirm the intent to purchase. Although LOI is not usually a legally binding document, it is very important in order to proceed with a transaction.
The seller of the real estate usually issues a Letter of Acceptance of Sale after reaching basic agreement on the terms and conditions outlined in the Letter of Intent (LOI). The buyer then requests due diligence work, including a site survey of the property (ER report), appraisal, market report, cash flow analysis, legal research, debt financing, and preparation of an investment structure or entity.
Purchase and Sales Agreement (PSA) is a legal contract that obligates the buyer to purchase the property and obligates the seller to sell. In a real estate transaction, a purchase agreement is executed to protect the interests of both parties before the deal closes, and sometimes the PSA and closing take place on the same day. Sometimes the PSA and closing are held on the same day, but generally there is a one-month gap between them, and the buyer is required to pay the seller a deposit of less than 10% of the sales price.
Once the seller of the property receives the balance of the purchase price and the buyer records the official change of ownership in the register of deeds, the closing of the property acquisition is complete.
After the purchase of the property is completed, OM Estate will support the client to ensure smooth asset management.
| 仲介手数料 アレンジメントフィー |
不動産購入時に不動産会社へ支払う手数料で、通常は売買価格の3%に消費税が加算されます。さらに、不動産の鑑定費用や融資手続きに関わる費用などが追加で発生する場合があります。 |
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| 弁護士費用 司法書士費用 |
司法書士は、不動産取り引きの決済や登記を行うパラリーガルです。また、売買契約書のレビューや日本法人の設立、購入スキームの組み立ては一般的に弁護士が行います。 |
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| 建物に係る費用 | 建物は消費税の課税対象です（土地の売買は消費税が非課税です）。 |
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| 不動産取得税 | 不動産取得税は一律で課税されます。この税金は、地方政府機関が決定した不動産の評価額に対して課税され、通常、不動産の市場価格の30%から70%程度とされています。居住用と個人用の取得税の軽減税率が適用される場合があります。決済後、約半年後に行政から請求書が届きます。 |
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| 登録免許税 | 登録免許税は、土地と建物の課税評価額に対して一律で課税されます（売買契約の土地と建物価格とは異なります）。また、金融機関から融資を調達した場合、ローン金額の0.4%が免許税として課税されます。 |
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| 印紙税 | 印紙税は、不動産売買契約書及び金融機関からのローン契約書に課税されます。 |
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| 毎年の固定資産税 都市計画税 |
毎年、保有する不動産について、固定資産税と都市計画税が4-6月にかけて課税されます。 |
※住宅系の建物は課税額が半額になるなどの 優遇措置があります。 |
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| 消費税 | 住宅系の不動産は、テナントから徴収する家賃に消費税を加算しません。一方、店舗やオフィスなどの商業利用しているテナントからは、家賃に消費税を加算して徴収します。徴収した消費税は、そのまま国に納めることになります。 |
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| 不動産の運営費用 | Building Maintenance費用、Property Management費用、火災保険料、共用部分の水道光熱費、修繕費用等が必要となります。 |
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| 所得税・住⺠税 | 日本で事業を営む場合、個人・法人を問わず日本国内における事業で得た収益に対して、所得税及び住⺠税が課税されます。これら税負担を最小にするために、特別目的会社を作成して不動産を保有する方法もありますが、弁護士費用や信託銀行への維持コストが多額にかかるため、保有不動産の価格が20億円以上にならないと採用するメリットはありません。 |
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※必要経費は売買金額により異なるため、おおよその金額となります。
OMエステートでは、幅広い種類の不動産物件を取り扱っています。住宅や商業施設など、さまざまなニーズに対応できる物件から、代表的な事例をご紹介いたします。
| 年間収益 | + ¥9,510,000 |
| PM費用（管理費） | - ¥480,000 |
| BM費用（修繕費） | - ¥400,000 |
| 火災保険料 | - ¥150,000 |
| 水道光熱費 | - ¥40,000 |
| ローン返済 | - ¥4,300,000 |
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| 最終手残り金 | ¥4,140,000 |
| 最終手残り金 ÷ 自己資金（6,000万円） | 6.9% |
| 年間収益 | + ¥120,000,000 |
| リネン、アメニティー、人件費、火災保険、その他 | - ¥66,000,000 |
| ローン返済 | - ¥18,980,000 |
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| 最終手残り金 | ¥35,000,000 |
| 最終手残り金 ÷ 自己資金（16,500万円） | 21.2% |
| 年間収益 | + ¥170,000,000 |
| PM費用（管理費） | - ¥5,100,000 |
| BM費用（修繕費） | - ¥6,264,000 |
| 火災保険料 | - ¥150,000 |
| ローン返済 | - ¥146,494,110 |
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| 最終手残り金 | ¥10,641,890 |
| 最終手残り金 ÷ 自己資金（14,600万円） | 2.8% |
