Japan is an island destination, situated in East Asia, in the Pacific Ocean. Bounded by the Pacific Ocean to the north, the Sea of Japan to the west, and the Philippine Sea to the south, Japan is the second largest economy in the world.
Japan is a developed nation, boasting of well-organized society and excellent infrastructure facilities. Apart from scores of tourist attractions, Japan boasts of a great number of high-rise buildings, multinational companies, business firms, and leading financial institutions. Perhaps for these reasons, commercial real estate in Japan is booming.
Commercial property market in Japan is considered the largest in the world, after the US. Japanese commercial real estate includes office space, executive suit, commercial land, industrial property, and retail space. Investing in a commercial property in Japan is regarded as a great way to diversify your portfolio as well as to build wealth and enjoy tax benefits. Further, Japanese commercial real estate is considered an excellent long term investment, yielding huge returns and profits.
The commercial real estate prices in many of the areas in Japan have record prices. For instance, a piece of commercial property in Ginza shopping district of Tokyo cost around 26 million yen per square meter. Likewise, commercial real estate prices are skyrocketing in such areas as Niseko, an enchanting ski resort in the northern part of the Hokkaido Island, Nagoya, situated along the Tokaido Shinkansen road between Osaka and Tokyo, and Osaka, at the basin of the Yodo River on Osaka Bay.
Anyone can purchase or acquire a commercial land or property in Japan. But, only appropriate visa holders can invest in real estate in Japan. It would be even better if one has a permanent visa. Likewise, it is quite difficult for a foreigner to obtain mortgage through a Japanese bank in order to invest in a real estate in Japan.
For the foreigners to apply for loan, it is mandatory to have at least permanent residency status and collateral in the country. A Japanese mortgage is considered a great way to finance for your commercial property. The interest rates are exceptionally low, and majority of the financial institutions provide a mortgage in yen.
Among the steps involved in the buying process of a real estate in Japan are ensuring that you have sufficient finance to buy property, making offer to the vendor, signing contracts written in Japanese which is translated in English, if required, and opening of a trust account. Additionally, the commercial property purchase transaction include expenses in the form of stamp duty, registration and license tax, property acquisition tax, and fixed assets tax.
A plethora of real estate firms, realtors, and property builders are now available to help you in locating a commercial property according to your budget and requirements, no matter it is industrial property, office buildings, or retail spaces. Many of the real estate firms have a section exclusively to cater to services with regard to commercial real estate. Some of them even provide the service of an expert lawyer to verify the authenticity of documents.
Mostly, these firms render a continuum of services in connection with commercial real estate, such as, helping you in locating a commercial land or property that goes with your requirements as well as effectively dealing with the procedures involved in the sale or purchase of a property. Apart from these, there are certain real estate firms providing the service of solicitors, who in turn offer services such as checking of the content written in the contract, ensure that the commercial property is unencumbered, trust fund services, and independent objective advice. In some instances, these firms offer services such as asset management, office leasing, and finding a suitable tenant.
But, it is important to make a thorough research with regard to the professionalism of a real estate firm, before approaching them. It is also vital to check the fee they charge, as some firms may charge huge fee in the form of hidden fee.
Next, analyze the way they render the service. The internet is perhaps the most suitable option to find an appropriate real estate firm in Japan. Many of the realtors have their own websites, with details of commercial property available for sale as well as lease. One can also lean on sources such as online directories, yellow pages, and reviews to find a competent realtor for your commercial real estate needs.
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Source by Wantanee Khamkongkaew