Japanese residents stay, while foreigners exit central Tokyo

The population of the Tokyo metropolitan area as of November 1 had dropped by 7,358 from the previous month to 13,847,040 residents. This is the first time since 1993 that the month of November had seen a month-on-month decrease. Recent news articles have been pointing the finger at the work-from-home trend and an exodus to surrounding prefectures as the main cause of the decline, and while that may be the cause for some of the numbers, the same articles gloss over the startling outflow of foreign residents.

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A forecast of new apartment prices between 2020 and 2025

on November 26, the Japan Real Estate Institute (JREI) issued their most recent medium-term forecast for new apartment prices in Tokyo’s 23 wards. In 2020, the average price is forecast to be 1,071,000 Yen per square meter (approx. US$956/sq.ft). This is a slightly higher revision from their earlier forecast issued last year.

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October apartment transactions in greater Tokyo hit highest level on record

According to REINS, a total of 3,636 secondhand apartments were reported to have sold across greater Tokyo in October, up 31.2% from last year, and the highest number for the month of October since REINS began recording data in 1990. It was a similar story for detached home sales, with transactions jumping 41.8% from last year to 1,316 reported sales – the highest on record.

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The two sides of Tokyo’s shrinking population

In the month of September, the population of Tokyo’s metropolitan area dropped by 10,673 residents. While that might paint a grim picture, the population is up 28,253 residents from the same time last year. Ultimately the numbers still aren’t convincing enough to show that telecommuting is causing a great exodus from the capital. Almost half of September’s decrease can be attributed to a large and ongoing outflow of foreign residents, which may also be a result of the lack of incoming foreign workers and students due to international travel bans.

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