Public interest and market value of condominiums seen in the Act Partially Amending the Act on Advancement of Proper Condominium Management and the Act on Facilitation of Reconstruction of Condominiums （Act No. 62 of 2020）

Abstract

Both of the Act on Advancement of Proper Condominium Management and the Act on Facilitation of Reconstruction of Condominiums were revised on June, 2020. While owners of condos should manage their own property, some condos without proper management have appeared to suffer adverse effect （or sometimes nuisance）to the surrounding areas and residents. This amendment enables the municipal government to advise them to improve their management, and to certify plans of management developed by the owners so that the way of maintenance would be referred in the condos market. Also, more than 80 percent of the owners of condos, which are identified by the municipal government as “highly necessary to demolish” for the reason of their cracked walls, would be able to determine to sell the condos and sites as a whole to developers in order to speed up decisionmaking among the owners whether to keep maintaining or to reconstruct, to sustain the living environment which constitutes public interest.