Japan Property: Tokyo Condos, Akiya, Foreign Buyers — 2026-09-18
Japan’s official land price survey released on September 15 confirms a fifth consecutive year of rising values, driven by tourism demand in resort areas like Furano and Hakuba and strong housing demand in major metropolitan areas. Meanwhile, new data reveals that foreign buyers accounted for 3.5% of new condo acquisitions in Tokyo’s 23 wards in 2025, sparking debate over the impact on local affordability.
Japan Property: Tokyo Condos, Akiya, Foreign Buyers — 2026-09-18
Top developments
Official Land Prices Rise 1.5% Nationwide, Led by Tourism Hubs
On September 15, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) announced that Japan’s benchmark land prices rose by an average of 1.5% as of July 1, marking the fifth consecutive year of increases. The three major metropolitan areas of Tokyo, Osaka, and Nagoya saw an average rise of 4.4%, while tourist destinations like Furano in Hokkaido and Hakuba in Nagano recorded significant gains due to inbound tourism and foreign investment.
Foreign Buyers Account for 3.5% of New Condos in Tokyo’s 23 Wards
New data from the MLIT indicates that individuals residing overseas acquired 3.5% of newly built condominiums in Tokyo’s 23 special wards in 2025. This figure has drawn attention to the role of foreign capital in driving up central Tokyo property prices, with specific breakdowns showing that Osaka Prefecture saw a 3.4% foreign acquisition rate for new condos.
Kyoto Land Values Climb on Inbound Tourism Demand
Kyoto Prefecture reported a 2.6% average rise in land prices across all categories, the fifth consecutive annual increase. Commercial land prices in Kyoto City surged by 5.6%, driven heavily by inbound tourism and a weak yen, while residential land prices rose by 1.2%. All 11 wards in Kyoto City saw increases in residential land value.
Local view
Local media outlets are highlighting the polarization of the market. The Yomiuri Shimbun notes that while central urban areas and tourist hotspots are booming, rural areas continue to face price declines due to population shrinkage. The Tokyo Shimbun reports that the "okushon" (100-million-yen condo) phenomenon is becoming normalized in Tokyo’s 23 wards, with used condo prices also spiking, pushing lower-income buyers into the rental market and further tightening rental supply.
Context & numbers
- National Average Land Price Change: +1.5% (5th consecutive year of increase).
- Major Metro Areas (Tokyo/Osaka/Nagoya): +4.4% average increase.
- Tokyo Residential Land: Rose at the fastest rate among prefectures for the first time in 12 years.
- Kyoto Commercial Land: +5.6% YoY.
- Foreign Ownership Share (Tokyo New Condos): 3.5% of acquisitions in 2025.
- Furano (Hokkaido) Land Price: Kitanomine area rose significantly, ranking top in Hokkaido for residential land appreciation.
On the radar
- Legislative Watch: The Japanese government is preparing to submit a bill to the extraordinary Diet session this autumn to amend the Act on the Survey and Regulation of Important Land and Other Properties, potentially tightening oversight on foreign ownership of land near national security sites.
- Monthly Condo Data: The Real Estate Economic Institute is expected to release August 2026 market trends soon; preliminary reports indicate a slight dip in supply (-30.7% YoY) but stable prices around ¥138 million for Tokyo 23 wards.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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