Inbound tourist numbers grow but per capita spending falls
Inbound visitor numbers have already exceeded 30 million, with a total of 31.65 million visitors to Japan for the year to September, as reported by the Japan National Tourism Organization. This is 17.7% higher than the same period in 2024. Despite the post school holiday lull and some typhoon-related flight impacts in east Asia, the monthly total for September saw a 13.7% year-on-year increase, reaching 3.27 million.Read more
Cheaper apartments see surge in tenant inquiries in Tokyo
With rents and consumer prices continuing to rise in Tokyo, tenants are increasingly seeking out more affordable housing options. This is evidenced by a steep increase in inquiries on 'apaato' compared with 'mansion' type rental listings.
According to real estate listing portal AtHome, inquiries on apaato-type listings in Tokyo's 23 wards for the month of July were up 59% year-on-year while those for mansion-type listings increased by 25%.Read more
Government launches investigation into options for restricting land purchases by foreigners
The purchase of land and apartments by foreigners has become a hot button issue this year, with rising property prices in central Tokyo and land purchases near military sites of strong concern. Japan does not currently have any restrictions about the purchase and ownership of real estate by non-residents, nor does it impose any additional taxes on foreign buyers.
On October 13, it was reported that the national government is launching a factual investigation into regulations applied on foreign buyers by other nations, such as Canada and Germany, with the goal of using the results of this investigation to guide a revision to domestic legislation.Read more
Our 2025 Q3 Japan Real Estate Market Report
Japan’s real estate market momentum continued through Q3, supported by strong growth in Tokyo’s residential and office sectors, but with inbound tourism hitting record highs and over tourism emerging as a pressing concern, accommodation providers are finding themselves facing regulatory and supply-side pressures.
Our Japan Real Estate Market Report for the third quarter of 2025 is now available for download.
Subscribers can download our Q3 report below.Read more
Luxury resort planned for Aburatsubo Bay
Keikyu Corporation and Mitsui Fudosan are jointly developing a luxury resort in Aburatsubo Bay in the Miura Peninsula. This part of the peninsula has historically been favored by the wealthy for its rocky coastline, sheltered bays and yacht clubs.Read more
REIT sells soon-to-be vacant retail asset in Osaka at 72% above appraisal
A REIT is disposing of a soon-to-be vacant large shopping mall in Osaka's Shinsaibashi district for 43.1 billion Yen (approx. 287 million USD), a significant premium over its appraised value of 25 billion Yen.Read more
Singaporeans top buyers of forestland in 2024
Offshore-domiciled funds and non-resident foreigners acquired 171 hectares of forest land in 2024, according to the Ministry of Agriculture, Forestry and Fisheries. Japan has 14.31 million hectares of privately-owned forest, with 3,044 hectares or 0.02% owned by offshore entities.Read more