Accumulated economic losses due to the neglect of unclaimed land, including damage from flooding or mudslides which can be caused by poor land management, will reach ¥6 trillion ($52.9 billion) by 2040, a private-sector study group said Thursday.
With inheritors allowing property to go unregistered to avoid tax burdens, land with unclear ownership is projected to total 7.2 million hectares across the nation by 2040 — an area about 90 percent of the size of Hokkaido — according to estimates by the research group which includes former internal affairs minister Hiroya Masuda.
Alarmed by the predicted growth of unclaimed property, the government has been discussing ways to effectively manage the land through various measures such as giving usage rights to companies and nonprofit organizations and promoting registration by inheritors.