Japan Foreclosed Property 2015-2016 - Buy this 5th edition report!

Over the years, this ebook has been enhanced with additional research to offer a comprehensive appraisal of the Japanese foreclosed property market, as well as offering economic and industry analysis. The author travels to Japan regularly to keep abreast of the local market conditions, and has purchased several foreclosed properties, as well as bidding on others. Japan is one of the few markets offering high-yielding property investment opportunities. Contrary to the 'rural depopulation' scepticism, the urban centres are growing, and they have always been a magnet for expatriates in Asia. Japan is a place where expats, investors (big or small) can make highly profitable real estate investments. Japan is a large market, with a plethora of cheap properties up for tender by the courts. Few other Western nations offer such cheap property so close to major infrastructure. Japan is unique in this respect, and it offers such a different life experience, which also makes it special. There is a plethora of property is depopulating rural areas, however there are fortnightly tenders offering plenty of property in Japan's cities as well. I bought a dormitory 1hr from Tokyo for just $US30,000.
You can view foreclosed properties listed for as little as $US10,000 in Japan thanks to depopulation and a culture that is geared towards working for the state. I bought foreclosed properties in Japan and now I reveal all in our expanded 350+page report. The information you need to know, strategies to apply, where to get help, and the tools to use. We even help you avoid the tsunami and nuclear risks since I was a geologist/mining finance analyst in a past life. Check out the "feedback" in our blog for stories of success by customers of our previous reports.

Download Table of Contents here.

Monday, March 31, 2008

Cheapest property in the world

Here is a candidate for the cheapest home in the world, and its no demolition site either. This is a very good quality house near Kisakata town in Akita Prefecture, in northern Honshu, Japan. You might be wondering how you can buy a house so cheap in Japan. There are several reasons:
1. Few holidays: The Japanese embrace universal suffrage. Nope, nothing to do with voting, though that is hardly a stretch. The Japanese don't believe in recreation that goes beyond a weekend. So if they can't get there in a weekend, then they dont do it. Few Japanese people have holiday houses because they either can't afford it, they work so hard, or they just are scared to depart from routine. I dare say I have seen more of Japan than 99% of the population, and I've been there just 3 years.
2. Depopulation: This property lies in the northern provinces of Japan which is subject to depopulation. For this reason there is excess housing stock. Parents are dying and children go off to the city for work. This trend might diminish in the next 5 years as food prices increase, but dont count on it, as there are lifestyle reasons for leaving as well.
3. Financial literacy: The Japanese generally dont get much financial literacy education so they are reluctant to take risks, even those which are 'manageable'. Risks are avoided rather than overcome. Safety first.
4. Foreclosed property: This is a foreclosed property, so its particularly cheap. The natural market for this property is local people, but they are not so aware of foreclosures. Owners and family are too ashamed to talk about such things, no one has any money, and no one wants to live here as there are no jobs.

So why would a foreigner want to live here?
I can think of a number of reasons why foreigners would want to live in this area. If they have a tourist visa its easy to get here and travel around on a Japan Rail pass. The cost of the home is just Y0.874 million ($US9,000) - at least that is the minimum bid, and I suspect there will not be other bidders. You can stay in Japan 3 months before you have to leave the country, or go to Korea for a weekend to extend your holiday. I did that for a year.
So you want the details?
This foreclosed property comprises 955m2 of land and a 2-storey house with a floor area of 56m2 downstairs and 35m2 upstairs. Its a small house, but surprisingly modern looking at the photos of the interior. What an idyllic location. I can just imagine Mary-Loo Taylor coming out the front door in dance & song to pick the strawberries and milk the cow. In addition there is a storage shed as well. More remarkable is that this house has no immediate neighbours - a rare feat in Japan. Probably one of the few places you can play your Van Halen CDs and not get arrested - as Mary Loo unfortunately was.
So how to buy?
This foreclosed property is sold through the Akita Prefectural Court through a tender system. If you need further information consider buying the Japan Foreclosed Property Report 2008 above. It describes my experiences buying foreclosed property and the information I gathered in the process. I am also offering population charts in the Saitama & Tokyo area for those who are interested. I do believe this is likely the cheapest property in the world. Its a paradox that it should be found in Japan given that its so hard to escape civilisation in the country. A great place to live if you are not a local.
Andrew Sheldon

Monday, March 24, 2008

Japanese housing prices rise in 2007

You may not have heard any good news lately but actually land prices in Japan rose in 2007 for the 2nd year straight according to Yahoo Finance after continuing to recover from the "lost decade" of weak growth and deflation.

Residential land prices rose an average of 1.3% over the year to January 1 on average, after a 0.1% gain in 2006. This is the 2nd rise in 16 years. When you consider that Japan is mostly suffering from depopulation these are impressive growth numbers. Commercial land prices rose 3.8% in 2007, after a 2.3% gain in 2006. The property market is however showing signs of cooling. But it seems counter-intuitive to think a market that has collapsed the bottom of a credit crush is going to collapse further. The problems in the USA might dispel growth prospects, but they are not going to undermine the yields on Japanese property in a hurry. In recent years construction activity has returned to Tokyo and the other major cities.

The 2007 statistics show major cities such as Tokyo recording sharp rises in land prices whilst many rural areas continued to decline. This disparity is not likely to continue much longer, particularly given the prospect of stronger food prices offering rural farmers a reprieve from high labour costs. Also the cities have always lead the way in trend changes, so it seems reasonable to expect rural prices to bottom soon, particularly in those areas closest to the major cities.

In the three biggest urban regions, residential land prices rose 4.3% while commercial prices surged 10.4%. In Tokyo-23 wards, the average residential land prices rose 10.4%, although that was slightly slower than 11.4% in 2006. Prices in rural areas dropped for the 16th straight year, though the pace has fallen to just 1.8% for residential land and 1.4% for commercial land. Again we need to consider the disparity in land prices between regions, and the positive impact that higher food prices could have on land prices in future. The increase in land prices does however suggest that inflation has returned to Japan.

Japan's central bank is expected to refrain from raising interest rates for the foreseeable future because of growing concerns about volatile markets and the weak outlook for the global economy. It seems unlikely that the Bank of Japan (BoJ) is unlikely to cut interest rates further since they are already at 0.5 percent - the lowest among the OECD countries. The fact that the BoJ has raised interest rates in the last couple of years seems to suggest that the BoJ has no desire to stimulate real estate speculation like in the 1980s. Given that business confidence reports released Monday show Japanese business confidence slumped to the lowest level in 4 years suggests that the Japanese economy is not going to be resuscitated by anything other than substantial reform in Japan, or broader global recovery, which is a long way off. Business sentiment fell to -9.3% in the Mar-08 quarter, down from +0.5% in the previous quarter.


Andrew Sheldon www.sheldonthinks.com

Friday, March 21, 2008

Investment apartments (4 units) in Nagano

I see there are 4 apartments or mansions in Nagano for sale each with a floor area of 185m2, packaged together for Y12million minimum bid, oe $USD120,000, thats $US30,000 per apartment. The court documents suggest the mansions are in good condition, polished floor, but also with a traditional tatami mat room. Based on a rental of Y55,000 per month, and they could rent for Y60,000 per month, you are looking at a gross rental income of Y2.64mil or a gross yield of 22%. But that's assuming you get them at minimum bid. You need also to consider the other costs associated with mansions, and buying a property of course. The good news is that you can get alot of leverage by buying such a property, and there should be a stable revenue because you will have multiple rental unirs and the location is close to the main road. So lets say after costs you have a net yield of 15-17%, if we assume 70% bank financed, 5% interest rate on the debt, thats a 45% return on your equity. Worth holding them a few years, wait until the capital gains tax rate falls, then sell them off for a capital gain. You just need to come up with Y3.6mil and bank finance for the rest.
Andrew Sheldon http://www.blogger.com/www.sheldonthinks.com

Search for the cheapest property in Japan

Farmstay in Japan anyone?
This property must at least be a runner-up for the title of 'Cheapest property in Japan' and I dare say 'the cheapest property in the world'. Such a paradox that it should be found in Japan. I did compromise somewhat, I had to head into snow country to find it. Though I'm not about to give up on finding a better located property. Actuallt this property has some impressive credentials.

The price is a nominal Y1.116 million, which means you can bid a minimum of Y0.8928 million, which based on current exchange rates of Y97 is still less than $US10,000. This is definitely a buy for those Americans struggling to save a $US. Happy ski holiday in Matsue! It must be about 18mths ago now that I travelled around this area. Very beautiful - but very remote. I believe the snow gets pretty think in winter. But this property is big. It actually includes a good part of the forested hill behind the building. More impressive still is the house is 284m2, thats 228m2 downstairs and 56m2 upstairs. There are 3 lots attached to the property - a 471m2 lot, a 136m2 lot and a forested lot of 2757m2, giving a total of 3364m2. But I guess its rural Matsue. See Google Maps for the location.
I actually think this property might suit a person interested in developing a backpackers in Japan. I considered this as a business idea before, but it doesn't really suit me. I'm not so tied to one place. I like to move around. But the house is huge. It looks modern from the outside. I dont know what Toyama's attractions are. But I justr think rural homestay in Japan makes alot of sense because everyone who goes to Japan is likely to have a JR pass, which means getting to this remote place is part of the adventure, which wont cost a great deal.
The building appears to be mostly in good condition. The kitchen and toilet area look pretty cruddy, the rooms are in good condition, just they are very untidy with the current owners rubbish. The bad aspect is that there are holes in the roof panels, exposing the roof. Dont know why this is the case. Maybe the snow has frozen causing the melting water to seep into the house and cause damage to roof. No idea. But I tend to think its a small issue when you look at the price and land included, not to mention the size of the house. At $10,000 I guess some of you wouldn't even need to blink! The biggest issue might be getting there to lodge a bid.
Andrew Sheldon www.sheldonthinks.com

Foreclosed property suits American buyers

I suspect a great number of Americans living in Japan have seized on to the opportunity to invest their savings in Japan rather than send the money back home to the US when the exchange rate is so poor. Even if they outlook the poor exchange rate, what are they going to do with the dollars there since property and equity markets are falling. There are really only two opportunities - to buy gold stocks or foreclosed property in Japan or the Philippines.

Alot of people will not know how to do either - whether to buy property or gold stocks. Fortunately we can help you in this respect. We have completed a report on foreclosed property in Japan, and I am just placing the finishing touches on a report which will help people buy precious metal stocks with confidence. At the tail end of the market there is no better opportunity to do either.

But lets focus on foreclosed property. The attraction of Japan is:
1. The high rental yields - since rental income has remained stagnant whilst prices fall 9% per annum during the 1990s
2. The Japanese hear of making money - they just hate the idea of a bargain. It brings out delusions of ghosts, suicides and the yakuza taking over their property, and the fear of conflict drives them insane. They run at the possibility of conflict.
3. Low entry costs - Old properties in Japan are heavily discounted on the basis of age
4. The early stage of the next credit cycle
5. The possibility of reform or easy credit to stimulate domestic spending as a solution to a weaker USA
Andrew Sheldon www.sheldonthinks.com

Tuesday, March 11, 2008

Foreclosed mansion for sale in Fukuoka

Fukuoka would have to be one of my favourite places to visit. The people are friendly and relaxed, the climate mild, and also has some great entertainment around Tenjin. Several times I have had good nights out in the area after catching up with a group of people. I stayed in a capsule hotel, but you might prefer your own 'batchelor pad'.
This place is offered as a foreclosed property for sale through Fukuoka prefectural court. The nominal price is Y2.52mil, which means you can bid a minimum of Y2.016million. I am not a big fan of apartments, aside from wanting land value, I think the greater issue is avoiding the property management fees levied on these places. More about that in my report, but consider this, you will get alot more floor area and flexibility to make renovations on a house & land package than you will on a mansion.
Andrew Sheldon www.sheldonthinks.com

Foreclosed property in Sendai

Here is a hillside property in Sendai that looks quite decent. The external appearance of the house can be a little untidy, however the interior of the house is in good condition based on the photos provided by the court. The nominal price of the property is Y1.085mil, so the minimum bid is Y0.868mil. The building is a 5LDK house, and its located 0.85km from a JR train station. The property does not however have a legal drive way access, but there is a right-of-way. The building is 2-storey and 140m2 in floor area.

Foreclosed for women in Morioka

Just so I dont forget the women - here is a foreclosed property which will have the girls talking. A house with a pink bedroom. If you're lucky the accessories will come with this purchase. This property is located in Morioka, the provincial capital of Iwate if I'm not mistaken, in north east Honshu. The property is offered at a nominal price of Y1.49mil, which means you can bid as little as Y1.192mil. The land area is 72m2 and the 2-storeybuilding has 83m2 of floor area. The internal & external appearance of this property is actually pretty good.
Andrew Sheldon www.sheldonthinks.com

Hair salon for sale in Kobe

I was distracted from my quest to find the cheapest property in Japan. Instead I stumbled upon the following hair salon offered for sale through Kobe District Court. The minimum bid on this business is Y0.992 million.
Andrew Sheldon www.sheldonthinks.com

The cheapest house in Japan - Week 1

The search for the cheapest house in Japan takes me to Wakayama. I want to start by looking for a place that is remote but offers some appeal to people. For instance, I can't imagine anyone wanting to live in Yamagata Prefecture, its cold and boring. Wakayama strikes me as more appealing for outdoor activities, and its not so far from Osaka, so I will start there. This is the cheapest house offered among the foreclosed offering for Wakayama. The minimum bid price is Y1.192mil, to be secured with just Y298,000 deposit. Its an old house but the external appearance is decent. The kitchen is quite cruddy, but its not so bad. The rest of the rooms in the house are quite clean, just traditional. The house has a floor area of 88m2 whilst the lot has an area of 99m2. So this price is about $US12,ooo. Not bad. But we can do better!
Andrew Sheldon www.sheldonthinks.com

The cheapest house in the world

I have decided to go on a pilgrimage - a journey - in search of the cheapest house in the world. You might think such a place is to be found in Africa or the Middle East, so let me set some criteria:
1. It has to be a man-made structure
2. It has to be a modern structure
3. It has to be a fixed, free-standing structure
4. It has to be for sale
5. It has to be modern in the sense that it can support modern electrical appliances
6. It has to be livable - no burnt out homes or homes due for demolition

You might think think the place to find such homes would be in Africa or other poor countries, but actually I like they are more likely to be found in Japan or maybe Australia. I have looked for the cheapest houses in Australia some years ago. Its interesting what you can find.

Anyway, the competition starts today. The target price is $US5,000. I am cautiously confident. I know there are places in Japan and Australia where private citizens (Aust) and governments (Aust & Japan) are even giving away land. But the intent of cause is to get you to build a new house. We want to buy one for a fraction of the construction cost. The cheapest house I have seen was in Shizuoka in the hot spring town to the south - it was around $US9,000. It was quite well located in a small tourist town at a rail head. But that was 4years ago.

In Australia, about 5 years ago I remember seeing on the internet house & land for around $40,000 in the Snowy Mountains in places like Batlow, near Tumut. But it gets even cheaper, as I remember seeing old abandoned houses for around $10-20,000 in the outback of New South Wales. Of course few people would want to live in such a place. No jobs, probably hopeless internet, small depopulating towns with few services.
Andrew Sheldon www.sheldonthinks.com

Sunday, March 9, 2008

Foreclosed properties in the Philippines

There are a great deal of foreclosed properties in the Philippines, and like Japan there is a great deal of perceived risk to buying such properties. In reality, the risks are less significant compared to the lack of bargains. The Philippines economy has been growing at 7.6% lately, and the money supply has been growing by as much as 25%, though it has since been slowed by the Philippines central bank BSP. For that reason there is comparatively little attractive foreclosed property inside the National Capital Region (NAR).
Here is a sample of the properties offered in the Paranaque area of NAR. Paranaque hosts about 15 subdivisions, the largest and most prestigious is the BF Homes area. Despite its age, there are still vacant lots for sale. Some areas are more sought-after than others. Because of poor planning, some areas are a little remote from the main roads, and suffer from excessive traffic because the narrow roads are congested by on-street parking and tricycles. The resulting land value is anywhere between 7000-10,000m2 per m2.

There are several readily apparent problems with the BF Homes area:
1. The area has no piped water supplies yet
2. The area has narrow, congested streets
3. The area is unlikely to overcome these problems

For the later reasons I am inclined to think that the best strategy for investors is to avoid old developments, and BF Homes was one of the largest ones. For that reason it has some appeal because it’s one of the most established. It has a sense of community and modern bars and restaurants that might appeal.

We were interested in foreclosed properties in the lower end of the market, and the result of our search was the following list of properties:
1. Townhouse in Paranaque City: Address Unit B6, V.Recto Street, BF Homes, Paranaque. The lot size is 66m2, floor area 160m2, 2-storey concrete brick building, 3bedrooms, 2toilet & bathrooms offered for P2.08million ($US24,000). This property is located in a partially developed precinct close to the shops. The property was spacious inside, though the buyer would be a minority owner of the common area since just one of the 6 units belonging to the owner are being foreclosed. It had good size rooms, though the confined space means there is very little natural light in parts of the building. The block is crowded with no off-street parking. The lack of value value makes this property less attractive, and minority interest in the common area is a reason for concern.
2. House & lot in Paranaque City: Address 21 W.Vinzons Street, BF homes, Paranaque. The lot size was 280m2, the floor area 180m2. It is a 1-storey semi-destroyed building, originally a 3 bedroom home, with 3 toilet & bathrooms priced at P2.5milion. The building is in poor condition, there is structural damage and the roof has been almost completely destroyed. The lot therefore should be valued at land value less demolition & removal costs since there is little opportunity to use the waste as landfill on this level block. This is an attractive subdivision with good access to the main road. The lot is selling for slightly less than land value. It strikes me as easier to just buy a vacant lot.
3. House & lot in Paranaque City: Address 137 Dela Rama & Benitez St, BF Homes, Paranaque City. This 316m2 lot has a 1-storey house with a floor area of 260m2. It includes 5 bedrooms, 6 toilet & bathrooms for P2.7million. The property is in very poor condition so it would require a lot of work to renovate. The biggest problem is the rotting timber in the roof, requiring the replacement of the roof. The kitchen and toilets are old, so they would require replacement. The building structure is good, though the use of space in the house design is not useful. The lot was neighbouring on a poorer area of the BF Homes area, indeed there were ‘slumish’ areas in close proximity to the lot. The building does have attractive marble floors in the foyer, though the wood tile floors in the bedrooms require replacement. The electrical system would require rewiring and you would need to buy water for the next few years until the water authority offers piped supplies. The broken windows might be a testimony to the quality of the neighbourhood, but it does have a structurally sound house close to the main road. Its not the best neighbourhood though, but it might suit a builder who can fix it up over time.
4. House & lot in Paranaque City: Address 209 Ferrari St, Camella Homes, Sucat, Paranaque, lot area 201m2, floor area 140m2, its a 1-storey house with 4 bedrooms and 2 bathrooms. Price P2.5mil. This property was not viewed.
5. House & lot in Paranaque City: Address 135 Pleasure St, Better Living Subdivision, Paranaque. This lot has an area of 240m2, and 225m2 of floor area divided between 2 buildings. The house has 3 smallish bedrooms as well as 2 bathrooms. The kitchen & toilets are old so will require renovation. The property has a great 3-level ‘out-house’ at the back of the property that could offer investment rental as well as a ‘nookie’ with views. The main building needs a new roof, the wood floor tiles would require replacement. The main house had a good size living area. The house is priced at P2.7million, though the property was not readily accessible because of windy, narrow streets congested by tricycles and parked cars. There is very little implied building value to this property. This property I believes offers the best value among those we saw because the removal of the roof presents the opportunity to convert the rooms. I would be inclined to fix the 'nookie' at the back first for living.
6. Townhouse in Paranaque City: We believe there are 2 townhouses here for sale, though we were only offered one. The address is: 76 J.Elizaide Street, BF Homes, Paranaque. The lot area is 222m2, and the 2-storey townhouse comes with 5 small bedrooms & 4 bathrooms. The price is P2.8million. The townhouse to the left requires more work, and in fact the caretaker Ted is living in that one. The electricals appeared to be in poor conditions, and the lights were stripped out, so it appears there were bad tenants in the building. The toilets need to be replaced. These townhouses were on a busy street, though they had a good size backyard. Since these townhouses could be built new for P1.0 million each and the land value is around P1.5mil, they are by no means a bargain, but they suit people who need an instant home and can fix the more dilapidated townhouse.
7. House & lot in Paranaque City: Address 553 St Jude San Antonio Valley I, Paranaque. We only looked at this 300m2 lot from the street because we did not like the quality or position of the building. The 2-storey house has 7 bedrooms and 2 bathrooms within its 221m2 floor area. The property is offered for P3million. This was a poor quality house in a busy backstreet area. Based on limited observation I would not be interested in this property under any circumstances.

The implication of this site visit was that there is unlikely to be much value in the foreclosed properties offered in the Philippines market - its just too late. It seems more likely that there will be more offered in several years. Returning to our home it was apparent that there are greater opportunities in the private market. Home owners dont like to deal with agents, and agents are pretty unethical anyway. A great deal of Filipinos dont have financial literacy skills, so they are all too keen to take the best price offered. If you mount a semi-logical argument and dont comprise you might just get a 'bargain'.

Here is a case in point. A single mother previously married to a foreigner for 3 years. He constructed a nice house in her name, she ended up owning it. She left him, but she can't get a job, so she wants to go off to the USA where she has a job lined up in a casino. She has no money, just the house. She wants some cash upfront, though she would accept a rent-to-own proposition. She needed the money to go to the USA, so she had some urgency. What more could a buyer want. Unfortunately the house is on the main road, so there were other buyers interested.
She did not understand the time value of money, so she was failing to consider any interest in the 'rent to own' payments. There are a great many people who dont have financial literacy skills in the Philippines, generally because in poor countries such desperate people get ahead because they have superior 'social skills'. I have some sympathy with these people because they are struggling to get ahead despite their poor education, so I'm inclined to scale back my 'predatory instincts'. Having said that if they are good people they tend to have the support of friends. Perhaps more likely they are going to be screwed by friends they trust. Fortunately for this girl, she had the good sense to seek legal advice.

Tuesday, March 4, 2008

Changes in market psychology

Its interesting to read commentaries years after they have been published. Here is a 2006 article outlining the merits of investing in the Japanese property market. No dispute - there are bargains in Japan - though I am not as optimistic as this commentator, and I disagree with his simplified understanding of Japan credit markets. But he does highlight a good point - the change in market psychology as time progresses.

In the recent boom "Americans believed that you can’t go wrong in real estate". That belief is being questioned now. At the same time, "after 16 years of falling prices, the Japanese now believe that you’ll never make money in real estate”. These sentiments are the typical attitudes of people who buy property. But what remains a self-evident truth is that things change. After 15 years of falling prices is one going to expect another 15 years of the same. That seems contrary to market patterns. In the stockmarket I know too well that the time to buy is when everyone else is selling or panicking. The opportunity to buy is when there is no more bad news to come out. Price variability is indisputable. Prices go up and prices go down.

"Put simply, the Japanese are afraid of getting burned". Americans sitting on the fence are waiting until such a time that they wont get burned. Confidence in the USA needs to be restored. Even when it hits bottom, it will need to build a support before buyers overcome the 'wall of worry'. Japan has already built that support and confidence is being restored, though tested by external events in the USA. It is in precisely in these types of markets that 'contrarian buyers' enter the market. There are compelling reasons for buying, more important than population statistics, and they are:
1. Credit cycle - the cycle of credit expansion that every country does through. If Japan cannot rely on population growth or (US) exports to sustain growth, then it will need to rely on domestic credit growth and/or reform.
2. Global expansion - There is no question that new credit instruments in western countries have driven the global economy too far & too fast, but there is nevertheless a compelling reason for continued growth in economic activity. That reason is the opening up of developing countries at an unprecedented pace, which has engaged huge populations such as India and China. There are few economies today which are not fully engaged in the market place. Huge productivity gains are being made in these countries. They are catching up and in the process sustaining rates of economic growth that have never been possible before. The statistics from these countries dont even tell the full picture. I realised this several years ago when I prepared an energy report. At the time half the coal shipments into Malaysia were not declared because business wanted to avoid paying taxes. China is said to be growing at 11% GDP growth. Its probably more likely 14%.

We are in the midst of a super-cycle and Japan will benefit from the trickle-down effect. Its property markets after years of falling I suggest therefore present good buying. Japan along with the Philippines are laggards, but they will not be left behind for long.
Andrew Sheldon www.sheldonthinks.com

Major cities of Japan

資料:各都市の推計人口(ホームページ) Japan's major cities:
札幌市 Sapporo 仙台市 Sendai さいたま市 Saitama 千葉市 Chiba
東京都区部 Tokyo-23 横浜市 Yokohama 川崎市 Kawasaki 新潟市 Niigata 静岡市 Shizuoka 浜松市 Hamamatsu 名古屋市 Nagoya 京都市 Kyoto 大阪市 Osaka 堺市 Sakai 神戸市 Kobe 広島市 Hiroshima 北九州市 Kitakyushu 福岡市 Fukuoka

Cities and towns of Tokyo

競売物件購入 keibai buttsuken kounyu 千代田区 Chiyoda-ku 八王子市 Hachioji-shi 羽村市 Hamura-shi 中央区 Chuo-ku 立川市 Tachikawa-shi あきる野市 Akiruno-shi 港区 Minato-ku 武蔵野市 Musashino-shi 西東京市 Nishitokyo-shi 新宿区 Shinjuku-ku 三鷹市 Mitaka-shi 文京区 Bunkyo-ku 青梅市 Ome-shi 郡部 Towns and villages 台東区 Taito-ku 府中市 Fuchu-shi 瑞穂町 Mizuho-machi
墨田区 Sumida-ku 昭島市 Akishima-shi 日の出町 Hinode-machi 江東区 Koto-ku 調布市 Chofu-shi 檜原村 Hinohara-mura 品川区 Shinagawa-ku 町田市 Machida-shi 奥多摩町 Okutama-machi 目黒区 Meguro-ku 小金井市 Koganei-shi 大田区 Ota-ku 小平市 Kodaira-shi 島部 Islands 世田谷区 Setagaya-ku 日野市 Hino-shi 大島町 Oshima-machi 渋谷区 Shibuya-ku 東村山市 Higashimurayama-shi 利島村 Toshima-mura
中野区 Nakano-ku 国分寺市 Kokubunji-shi 新島村 Niijima-mura 杉並区 Suginami-ku 国立市 Kunitachi-shi 神津島村 Kouzushima-mura 豊島区 Toshima-ku 福生市 Fussa-shi 三宅村 Miyake-mura 北区 Kita-ku 狛江市 Komae-shi 御蔵島村 Mikurajima-mura 荒川区 Arakawa-ku 東大和市 Higashiyamato-shi 八丈町 Hachijo-machi 板橋区 Itabashi-ku 清瀬市 Kiyose-shi 青ケ島村 Aogashima-mura 練馬区 Nerima-ku 東久留米市 Higashikurume-shi 小笠原村 Ogasawara-mura 足立区 Adachi-ku 武蔵村山市 Musashimurayama-shi 葛飾区 Katsushika-ku 多摩市 Tama-shi 江戸川区 Edogawa-ku 稲城市 Inagi-shi

Cities & Towns of Saitama

競売物件購入 keibai buttsuken kounyu 西区 Nishi-ku 北区 Kita-ku 大宮区 Omiya-ku 見沼区 Minuma-ku 中央区 Chuo-ku 桜区 Sakura-ku 浦和区 Urawa-ku 南区 Minami-ku 緑区 Midori-ku Cities (-shi) さいたま市 Saitama-shi 川越市 Kawagoe-shi 熊谷市 Kumagaya-shi 川口市 Kawaguchi-shi 行田市 Gyoda-shi 秩父市 Chichibu-shi 所沢市 Tokorozawa-shi 飯能市 Hanno-shi 加須市 Kazo-shi 本庄市 Honjo-shi 東松山市 Higashi-Matsuyama-shi 岩槻市 Iwatski-shi 春日部市 Kasukabe-shi 狭山市 Sayama-shi 羽生市 Hanyu-shi 鴻巣市 Kounosu-shi 深谷市 Fukaya-shi 上尾市 Ageo-shi 草加市 Souka-shi 越谷市 Koshigaya-shi 蕨 市 Warabi-shi 戸田市 Toda-shi 入間市 Iruma-shi 鳩ケ谷市 Hatogaya-shi 朝霞市 Asaka-shi 志木市 Shiki-shi 和光市 Wako-shi 新座市 Niiza-shi 桶川市 Okegawa-shi 久喜市 Kuki-shi 北本市 Kitamoto-shi 八潮市 Yasio-shi 富士見市 Fujimi-shi 上福岡市 Kami-fukuoka-shi 三郷市 Misato-shi 蓮田市 Hasuda-shi 坂戸市 Sakado-shi 幸手市 Satte-shi 鶴ケ島市 Tsurogashima-shi 日高市 Hidaka-shi 吉川市 Yoshikawa-shi 北足立郡 Districts (-gun) 伊奈町 Ina-machi or ko 吹上町 Fukiage-machi 大井町 Oi-machi 三芳町 Miyoshi-machi 毛呂山町 Moroyama-machi 越生町 Ogose-machi 名栗村 Naguri-mura

Cities &Towns of Kanagawa

競売物件購入 keibai buttsuken kounyu 県計 市部計 郡部計 横浜市 鶴見区 神奈川区 西区 中区 南区 港南区 保土ヶ谷区 旭区 磯子区 金沢区 港北区 緑区 青葉区 都筑区 戸塚区 栄区 泉区 瀬谷区 川崎市 川崎区 幸区 中原区 高津区 宮前区 多摩区 麻生区 横須賀市 平塚市 鎌倉市 藤沢市 小田原市 茅ヶ崎市 逗子市 相模原市 三浦市 秦野市 厚木市 大和市 伊勢原市 海老名市 座間市 南足柄市 綾瀬市 三浦郡葉山町 高座郡寒川町 中郡 大磯町 二宮町 足柄上郡 中井町 大井町 松田町 山北町 開成町 足柄下郡 箱根町 真鶴町 湯河原町 愛甲郡 愛川町 清川村

Cities & Towns of Chiba

競売物件購入 keibai buttsuken kounyu 県計 市計 郡計 千葉市 中央区 花見川区 稲毛区 若葉区 緑区 美浜区 銚子市 市川市 船橋市 館山市 木更津市 松戸市 野田市 佐原市 茂原市 成田市 佐倉市 東金市 八日市場市 旭市 習志野市 柏市 勝浦市 市原市 流山市 八千代市 我孫子市 鴨川市 鎌ヶ谷市 君津市 富津市 浦安市 四街道市 袖ケ浦市 八街市 印西市 白井市 富里市

Cities & Towns of Osaka

競売物件購入 keibai buttsuken kounyu 総 数 府 保 健 所 計 池 田 池田市 豊能町  箕面市  能勢町  豊中豊中市  吹 田 吹田市 茨木摂津市  茨木市 島本町 枚方枚方市  寝屋川 寝屋川市 守口 守口市  門真市 四條畷 四條畷市 交野市  大東市 八 尾 八尾市  柏原市  藤井寺 松原市  羽曳野市 藤井寺市 富田林 大阪狭山市 富田林市 河内長野市 河南町  太子町  千早赤阪村 和泉和泉市  泉大津市 高石市  忠岡町  岸和田 岸和田市 貝塚市  泉佐野 泉佐野市 熊取町 田尻町  泉南市  阪南市  岬町 大 阪 市 堺市 高槻市 東大阪市  

Cities & Towns of Hiroshima

競売物件購入 keibai buttsuken kounyu 県計 広島市 広島市中区 広島市東区 広島市南区 広島市西区 広島市安佐南区 広島市安佐北区 広島市安芸区 広島市佐伯区 呉市 竹原市 三原市 尾道市 福山市 府中市 三次市 庄原市 大竹市 東広島市 廿日市市 安芸高田市 江田島市 府中町 海田町 熊野町 坂町 安芸太田町 北広島町 大崎上島町 世羅町 神石高原町