Japan ruling LDP urges tighter curbs on land purchases in sensitive areas

The ruling Liberal Democratic Party panel has proposed stringent measures to the Prime Minister Sanae Takaichi following a meeting on Thursday. The proposals include a permit system for both foreign and Japanese individuals looking to purchase land near crucial facilities and uninhabited border islands. Prime Minister Takaichi has indicated her intention to introduce a bill during the upcoming extraordinary Diet session, which commences on Monday, that would amend the important land survey act.

This act governs the use of real estate within these sensitive areas. Yoshitaka Shindo, who leads the party's policy discussions, stated that the prime minister seeks to implement strong measures and appropriate responses. The primary aim of these proposals is to establish guidelines for land acquisition and use in areas of national security significance, emphasizing rigorous controls from the outset.

The scope of land under legal restrictions for acquisitions would be broadened, and a permit system would be implemented to prevent property transactions that could be deemed a threat to national security. Foreign governments, their associates, and military personnel would generally be barred from acquiring land for security reasons.

Penalties would also be imposed for unauthorized land acquisitions or those obtained through deceitful means. In addition to these measures, the panel is advocating for actions to curb speculative transactions involving condominium properties in major urban centers, which have been driving up prices. This could involve tax measures to discourage such speculative behavior.