Key information about House Prices Growth

• Japan house prices grew 3.4% YoY in Aug 2025, following an increase of 4.7% YoY in the previous month.
• YoY growth data is updated monthly, available from Apr 2009 to Aug 2025, with an average growth rate of 1.3%.
• House price data reached an all-time high of 10.2% in Apr 2022 and a record low of -9.4% in Apr 2009.

In 2024, the average price of second-hand single-family homes in the Greater Tokyo Area in Japan amounted to around **** million Japanese yen. The resale price of houses increased by *** percent year on year.

Residential Property Prices in Japan increased 3.56 percent in June of 2025 over the same month in the previous year. This dataset includes a chart with historical data for Japan Residential Property Prices.

Graph and download economic data for Real Residential Property Prices for Japan (QJPR628BIS) from Q1 1955 to Q2 2025 about Japan, residential, HPI, housing, real, price index, indexes, and price.

House price index in Japan, March, 2025 The most recent value is 145.35 index points as of Q1 2025, an increase compared to the previous value of 137.71 index points. Historically, the average for Japan from Q1 1990 to Q1 2025 is 128.44 index points. The minimum of 97.71 index points was recorded in Q2 2009, while the maximum of 182.79 index points was reached in Q1 1991. | TheGlobalEconomy.com

Japan JP: Standardised Price-Income Ratio: sa data was reported at 87.580 Ratio in 2024. This records a decrease from the previous number of 89.402 Ratio for 2023. Japan JP: Standardised Price-Income Ratio: sa data is updated yearly, averaging 128.381 Ratio from Dec 1960 (Median) to 2024, with 65 observations. The data reached an all-time high of 163.402 Ratio in 1973 and a record low of 73.561 Ratio in 2009. Japan JP: Standardised Price-Income Ratio: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Japan – Table JP.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Annual. Nominal house prices divided by nominal disposable income per head. Net household disposable income is used. The population data come from the OECD national accounts database. The long-term average is calculated over the whole period available when the indicator begins after 1980 or after 1980 if the indicator is longer. This value is used as a reference value. The ratio is calculated by dividing the indicator source on this long-term average, and indexed to a reference value equal to 100.

In 2023, the average size per dwelling in Japan was ***** square meters. When broken down by prefecture, ****** stood out as the prefecture with the largest average floor area per housing unit, while ***** had the smallest average floor area in the same year. Real estate in Japan The real estate industry is an important pillar of the Japanese economy and ranked as the third-largest industry in Japan in terms of value added in 2022. Despite this, the number of unoccupied dwellings in Japan has been steadily increasing for over thirty years. Many unoccupied homes are empty and abandoned. This trend can be attributed to two primary factors: the aging of the population and the challenges faced by empty house owners in managing and utilizing properties, as most of these homes are either managed by older individuals or family inheritance. Housing in Tokyo The monthly residential property price index in Tokyo Prefecture has experienced a significant upward trend in the past years. Tokyo holds the largest population in Japan, with approximately ** million inhabitants, making it the world’s largest urban agglomeration. The city’s appeal lies in its many renowned universities and corporate headquarters, which draws migrants from other prefectures, particularly young individuals. However, Japan is currently experiencing an investment boom in real estate, fueled by overseas investment. This has resulted in central Tokyo apartments becoming less affordable for many people.

In July 2025, the preliminary residential property price index in Japan stood at *****. The residential property price index comprises residential land, detached houses, and condominiums.

Real residential property prices Y-on-Y, percent change in Japan, March, 2025 The most recent value is 0.98 percent as of Q1 2025, an increase compared to the previous value of -0.14 percent. Historically, the average for Japan from Q1 1990 to Q1 2025 is -0.84 percent. The minimum of -6.33 percent was recorded in Q3 1992, while the maximum of 12.35 percent was reached in Q3 1990. | TheGlobalEconomy.com

In 2025, the average land price in Fukuoka Prefecture was about ******* Japanese yen per square meter. Fukuoka Prefecture recorded one of the largest increases in official residential land prices in Japan in 2025.

Japan Home Price Index: Used Condominium: Tokyo data was reported at 99.470 Jan2000=100 in Aug 2018. This records an increase from the previous number of 98.690 Jan2000=100 for Jul 2018. Japan Home Price Index: Used Condominium: Tokyo data is updated monthly, averaging 91.150 Jan2000=100 from Jun 1993 (Median) to Aug 2018, with 303 observations. The data reached an all-time high of 190.670 Jan2000=100 in Jun 1993 and a record low of 79.710 Jan2000=100 in Jan 2005. Japan Home Price Index: Used Condominium: Tokyo data remains active status in CEIC and is reported by Japan Real Estate Institute. The data is categorized under Global Database’s Japan – Table JP.EB013: Home Price Index.

In January 2025, Tokyo Prefecture recorded the highest average official land price of all ** prefectures in Japan, at around *** million Japanese yen per square meter. It was followed by Osaka Prefecture with an average official land price of ******* yen per square meter.

In July 2025, the average price per square meter of existing condominium units sold in the Greater Tokyo Area in Japan amounted to ******* Japanese yen. This was the highest price per square meter in the observed period.

We analyze the impact of short-run (90 days) and long-run (30 years) earthquake risk on real estate transaction prices in five Japanese cities (Tokyo, Osaka, Nagoya, Fukuoka, and Sapporo), using quarterly data over the period 2006–2015. We exploit a rich panel dataset (331,343 observations) with property characteristics, ward attractiveness information, macroeconomic variables, and long-run seismic hazard data, supplemented with short-run earthquake probabilities generated from a seismic excitation model using historical earthquake occurrences. We design a hedonic property price model that allows for subjective probability weighting, employ a multivariate error components structure, and develop associated maximum likelihood estimation and variance computation procedures. Our approach enables us to identify the total compensation for earthquake risk embedded in property prices, to decompose this into pieces stemming from short-run and long-run risk, and to distinguish between objective and subjectively weighted (“distorted”) earthquake probabilities. We find that objective long-run earthquake probabilities have a statistically significant negative impact on property prices, whereas short-run earthquake probabilities become statistically significant only when we allow them to be distorted. The total compensation for earthquake risk amounts to an average –2.0% of log property prices, slightly more than the annual income of a middle-income Japanese household. Supplementary materials for this article, including a standardized description of the materials available for reproducing the work, are available as an online supplement.

In 2025, the average land price in Kyoto Prefecture was about ******* Japanese yen per square meter, up from about ******* yen in the previous year. Kyoto Prefecture is located in the center of the Kansai region, which also includes the prefectures of Osaka and Hyogo.

Japan Urban Land Price Index: Biggest 6 Cities: Residential data was reported at 79.100 31Mar2000=100 in Sep 2017. This records an increase from the previous number of 78.800 31Mar2000=100 for Mar 2017. Japan Urban Land Price Index: Biggest 6 Cities: Residential data is updated semiannually, averaging 76.175 31Mar2000=100 from Mar 1955 (Median) to Sep 2017, with 126 observations. The data reached an all-time high of 231.510 31Mar2000=100 in Sep 1990 and a record low of 1.070 31Mar2000=100 in Mar 1955. Japan Urban Land Price Index: Biggest 6 Cities: Residential data remains active status in CEIC and is reported by Japan Real Estate Institute. The data is categorized under Global Database’s Japan – Table JP.EB016: Urban Land Price Index: 31Mar2000=100. Rebased from 31Mar2000=100 to 31Mar2010=100 Replacement series ID: 403770577

In 2025, average standard land prices in Japan grew by *** percent in the four regional cities of Sapporo, Sendai, Hiroshima, and Fukuoka. Overall, average standard land prices grew by *** percent. The standard land price survey is an assessment of land prices as of July 1 each year conducted by prefectural governments.

In 2024, the average land price in Fukushima Prefecture stood at about **** thousand Japanese yen per square meter, a slight increase from approximately **** thousand yen per square meter in the previous year. Fukushima is located in the Tohoku region of Japan, which also includes the neighboring prefectures of Yamagata and Miyagi.

Japan Urban Land Price Index: Kyushu Okinawa: Average data was reported at 86.400 31Mar1990=100 in Mar 2002. This records a decrease from the previous number of 88.400 31Mar1990=100 for Sep 2001. Japan Urban Land Price Index: Kyushu Okinawa: Average data is updated semiannually, averaging 98.800 31Mar1990=100 from Mar 1985 (Median) to Mar 2002, with 35 observations. The data reached an all-time high of 109.600 31Mar1990=100 in Sep 1992 and a record low of 86.400 31Mar1990=100 in Mar 2002. Japan Urban Land Price Index: Kyushu Okinawa: Average data remains active status in CEIC and is reported by Japan Real Estate Institute. The data is categorized under Global Database’s Japan – Table JP.EB016: Urban Land Price Index: 31Mar1990=100.

Japan Consumer Price Index (CPI): Tokyo: Housing: Rent: Imputed Rent: Medium Sized Non Wooden data was reported at 97.800 2005=100 in Jul 2011. This stayed constant from the previous number of 97.800 2005=100 for Jun 2011. Japan Consumer Price Index (CPI): Tokyo: Housing: Rent: Imputed Rent: Medium Sized Non Wooden data is updated monthly, averaging 99.500 2005=100 from Jan 1981 (Median) to Jul 2011, with 367 observations. The data reached an all-time high of 104.600 2005=100 in Dec 1994 and a record low of 76.800 2005=100 in Feb 1981. Japan Consumer Price Index (CPI): Tokyo: Housing: Rent: Imputed Rent: Medium Sized Non Wooden data remains active status in CEIC and is reported by Statistical Bureau. The data is categorized under Global Database’s Japan – Table JP.I036: Consumer Price Index: Tokyo: 2005=100.