Dec 7, 2015

Buying a property in Tokyo

Tokyo is the largest cities in the world by population, many people from neighboring provinces travel to Tokyo for work. If you don't want to stand on the train with 10 sweaty salaryman shoulder to shoulder, you should find a property in the center of the city.

Things that you need to know about property in Japan:

1. Properties near terminal stations are preferred because you can easily find a place to sit on the train.

2. Japanese like to live in a new property.

3. You need to pay deposit, key money and rental agent fee in order to rent a place, the total cost is close to 3 months worth of rent.

4. Renting an apartment almost the same as loan repayment.

Here is a list of frequently asked questions about buying property in Japan:

Q: Can a foreigner buy a property in Japan?

A: Yes, you can if you provided your own funding.

Q: Can a foreigner get a mortgage from a Japanese bank?

A: Yes, if you have permanent residency or your spouse is Japanese or you need to pay 10% to 30% initial deposit and work 3+ years in Japan in order to get a mortgage. Another requirement is you must live in that house.

Q: Can a foreigner get a loan for investment property.

A: No, unless you have permanent residency.

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