LDP Proposes Restrictions on Speculative Condo Trading

Tokyo, Oct. 1 (Jiji Press)--A project team of Japan's ruling Liberal Democratic Party submitted to Prime Minister Sanae Takaichi on Thursday a proposal for measures to restrict speculative trading of condominiums.

Takaichi said that her government will steadily work on the matter.

In the proposal, the team under the party's Headquarters for Foreign Nationals Policy said that some have cited an increase in short-term transactions mainly by foreign nationals as a reason for recent surges in condo prices.

It also said that concerns that residential properties in urban areas may have been bought for speculative purposes are fueling fears among local residents.

The team called on the government to take action, including tax measures, as soon as possible, saying that speculative transactions that are not based on actual demand should be restricted regardless of whether they are conducted by Japanese or foreign nationals.

[Copyright The Jiji Press, Ltd.]