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Japan's Real Estate Market Trends in 2023

Post date: Tuesday, January 23, 2024

The Ministry of Land, Infrastructure, Transport and Tourism releases "Japan Property Price Index" every month. Based on the latest version (released on December 28, 2023), we will explain the trends in 2023.

"Japan Property Price Index" is calculated based on information of approximately 300,000 real estate transaction prices per year. The sources of information are from questionnaire surveys of people who have bought and sold real estate, mobility information of real estate registration, and field surveys by real estate appraisers.

*The released data is not in real time, and there is a time lag of about 3 months between the release date and the target period. (Example: Data released on December 28, 2023 covers September 2023.）

Japan Residential Property Price Index (JRPPI) by Usage


Property Price Index (Residential) (September 2023, seasonally adjusted)
*Average of 2010=100


Data source：Ministry of Land, Infrastructure, Transport and Tourism

Price Trends of Residential Land

The price remained almost flat after the base year of 2010, while once fell below the standard value of 100 in January 2020, but turned to an upward trend after that. It soared around April 2023 and has been on an upward trend ever since.

Price Trends of Detached House

Like residential Land, the price remained almost flat after 2010, but started to rise after 2020, and the upward trend has been continuing since then, while the trend saw the ups and downs of the fluctuation rates.

Price Trends of Condominiums

The price started to rise in 2013 and has been rising significantly since 2020 - rising more than 1.9 times from 2010 to 2023.

Japan Commercial Property Price Index (JCPPI) by Usage


Property Price Index (Commercial) (Q3 2023, seasonally adjusted)
*Average of 2010=100


Data source：Ministry of Land, Infrastructure, Transport and Tourism

Price Trends of Retail, Apartment (one building), and Office

The prices increased generally after 2012 although having upward and downward fluctuations during the period. In 2022, the price of Retail saw a downward trend while that of Office and Apartment saw an upward trend. The price of office has risen significantly in 2023.

Price Trends of Warehouse

The price started to rise after 2015 and reached the highest ever in 2018, then declined after that, but started to rise again from 2021. In the second quarter in 2022, it rose to almost the same level high as that in 2018. It then fell sharply but began to rise in the second half of 2022 and has been rising to its highest figure since 2008 in 2023.

Price Trends of Factory

Although the price dropped considerably in the first half of 2021, it started to rise around the end of 2021. It has been on a downward trend since around February 2023, which is the possibility of a temporary decline, and remains high price index.

Price Trends of Commercial Land

The price remained almost flat but was rising little by little after 2020; in 2022 it fell sharply from the first quarter, but began to recover rapidly from the third quarter, and in 2023 it saw the highest since 2008 and is still on the upward trend.

Price Trends of Industrial Land

The price remained almost flat after 2016, but it started to rise in 2021, and in 2023 it saw the highest since 2008 and is still on the upward trend.

Summary of Japan's Real Estate Market Trends in 2023

As the table shows, the 2023 Japan’s real estate price index is on an upward trend for both residential and commercial land, and it is estimated that the upward trend will continue in 2024 due to factors such as the rising cost of building materials and the inflow of investment money from foreign investors.

When a similar article was created in 2022, the highest index on the vertical axis of the index table was 180 for residential land and 160 for commercial land, but this has now been changed to show higher values, which are 200 for residential land and 170 for commercial land. This shows that the prices continue to rise, with apartment price in the lead.

Japan Property Price Index is released every month, so you can update the latest market trends by checking it regularly. In addition, by using the Ministry of Land, Infrastructure, Transport and Tourism's search system "Land General Information System", which is also the source of Japan Property Price Index, you can search and browse the actual real estate transaction price, public notice of land prices, and prices based on prefectural land price survey, by specifying the area you want to know. However, you have to understand that the data is not necessarily accurate because the information is created based on questionnaires to people, who have conducted real estate transactions, and the transactions may be few in some areas and regions.　　　　　　　

【Land General Information System】

https://www.land.mlit.go.jp/webland_english/servlet/MainServlet（English）
https://www.land.mlit.go.jp/webland/（Japanese）

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