Glossary
Shakuchiken (leasehold land right)
The right to use leased land you don't own — you may own the building, but pay ground rent on the land.
Shakuchiken is a leasehold land right: you hold the right to use the land, and often own the building on top, but the land itself belongs to a separate landowner you pay ground rent to. It shows up on listings at a tempting discount to freehold, and that discount is there for a reason — financing is harder, resale is more complex because the landowner's consent is frequently required, and you're exposed to ground rent and renewal terms. Older traditional shakuchiken can be strongly tenant-protected and near-perpetual in practice, while newer fixed-term versions (teiki-shakuchiken) end on a hard date. Always check exactly which type you're looking at before treating a cheap price as a bargain.