Key information about House Prices Growth

• Japan house prices grew 4.3% YoY in Nov 2024, following an increase of 2.0% YoY in the previous month.
• YoY growth data is updated monthly, available from Apr 2009 to Nov 2024, with an average growth rate of 1.9%.
• House price data reached an all-time high of 10.2% in Apr 2022 and a record low of -9.4% in Apr 2009.

Graph and download economic data for Residential Property Prices for Japan (QJPN628BIS) from Q1 1955 to Q3 2024 about Japan, residential, HPI, housing, price index, indexes, and price.

In 2024, the average price of second-hand single-family homes in the Greater Tokyo Area in Japan amounted to around 42.6 million Japanese yen. The resale price of houses increased by 3.7 percent year on year.

In 2024, the average price of second-hand single-family homes in the Greater Osaka Area in Japan amounted to around 23.6 million Japanese yen. The resale price of houses increased by 1.9 percent compared to the previous year.

Japan JP: Standardised Price-Income Ratio: sa data was reported at 89.185 Ratio in 2023. This records an increase from the previous number of 87.364 Ratio for 2022. Japan JP: Standardised Price-Income Ratio: sa data is updated yearly, averaging 113.334 Ratio from Dec 1960 (Median) to 2023, with 64 observations. The data reached an all-time high of 163.015 Ratio in 1973 and a record low of 73.387 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 January 2024, Tokyo Prefecture recorded the highest average official land price of all 47 prefectures in Japan, at almost 1.23 million Japanese yen per square meter. It was followed by Osaka Prefecture with an average official land price of over 343.2 thousand yen per square meter.

In 2023, the existing home sales index in Japan stood at 116.8 index points, reaching a decade high. The index for used home sales measures the development of the second-hand housing market based on the number of ownership transfers due to the sale and purchase of buildings. It includes data for detached houses and condominiums. Second-hand housing market in Japan Japan’s second-hand home market only accounts for a small share of the overall housing market. Despite the country’s massive housing stock, a large quantity of new homes is built every year as Japanese consumers prefer new homes over used ones. This is probably rooted in the housing policies of the post-war period, which were aimed at the rapid supply of new housing units at the cost of quality. As a result, many older homes are poor quality, and an average home fully depreciates within 30 years. These circumstances have created uncertainty about used homes and are reflected by the scrap and build approach of completely destroying and rebuilding used homes instead of reusing and renovating them. Revitalizing the existing home market In the past years, however, the government has shifted its focus to revitalizing the used housing market and utilizing the massive existing housing stock that comprises around 62 million units. By implementing a reliable home inspection system, subsidizing renovations, and offering appropriate pricing models, it is trying to change people’s perception of used homes. Driven by rising prices for new homes, demand for second-hand homes, especially condominiums, has recently increased in the metropolises of Tokyo and Osaka.

In 2023, the average size per dwelling in Japan was 90.86 square meters. When broken down by prefecture, Toyama stood out as the prefecture with the largest average floor area per housing unit, while Tokyo 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 14 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.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2023. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 117.5 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

In 2025, the average official price for residential land in Japan was the highest in Tokyo at 771,600 Japanese yen per square meter. The average residential land price per square meter in Osaka increased to 265 thousand yen.

In 2024, the average land price in Fukushima Prefecture stood at about 34.7 thousand Japanese yen per square meter, a slight increase from approximately 34.1 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.

In 2024, the average land price in Kyoto Prefecture was about 293.7 thousand Japanese yen per square meter, up from 274.6 thousand 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.

In December 2024, the average price per square meter of existing condominium units sold in the Greater Tokyo Area in Japan amounted to 781 thousand Japanese yen. This represented an increase of 4.3 percent compared to the same month of previous year.

As of December 2023, the JREI Home Price Index for existing condominiums in Kanagawa Prefecture, Japan, stood at around 104.9 index points. Compared to the previous year, the index increased by roughly 2.5 percent.Besides, the JREI publishes home price indices for Tokyo, Chiba, and Saitama Prefectures, as well as a composite index for the Tokyo Metropolitan Area as a whole.

In 2024, the average land price in Saga Prefecture amounted to around 34.8 thousand Japanese yen per square meter, indicating an increase from about 33.3 thousand yen per square meter in the previous year.

In September 2024, the monthly existing home sales index in Japan stood at 124.9 index points, down by one percent compared to the previous month.The existing home sales index measures the development of the second-hand housing market based on the number of ownership transfers due to the sale and purchase of buildings. It includes data for detached houses and condominiums.

In 2024, the average land price in Tokyo Prefecture stood at about 1.21 million Japanese yen per square meter. The average land price is based on land price surveys conducted by the Ministry of Land, Infrastructure, Transport, and Tourism and prefectural governments in January and July each year.Average land prices in JapanAverage land prices in Japan showed an upward trend in recent years that was interrupted during the coronavirus pandemic. Partly due to the ongoing depopulation of many rural areas, land prices tend to be significantly higher in the more urban areas. Among all the prefectures in Japan, Tokyo had the highest average official land prices, followed by Osaka and Kyoto. The buildings with the highest commercial land prices in Japan were all located in the capital city as of 2024.The situation in TokyoWithin Tokyo, the wards Chiyoda, Chuo, Minato, Shibuya, and Shinjuku form the central business district, which is marked by particularly high rents and low vacancy rates. Among the 23 wards of the city, Chuo had the highest standard land price in 2024. The ward lies to the east of Tokyo Station and encompasses Ginza, which is one of the country’s most expensive shopping areas. Japan’s booming tourism industry, as well as rebuilding and redevelopment projects, have been some of the factors contributing to rising land prices in Tokyo’s commercial areas before the pandemic.

In 2024, the average land price in Japan amounted to around 217.1 thousand Japanese yen per square meter. The average land price is based on land price surveys conducted by the Ministry of Land, Infrastructure, Transport, and Tourism and prefectural governments in January and July each year. Japan’s geography The Japanese archipelago consists of the five main islands of Honshu, Hokkaido, Kyushu, Shikoku, and Okinawa in addition to thousands of smaller islands. Together, they cover a surface area of around 378 thousand square kilometers. Three-quarters of the country’s land area is covered by mountains. Forestland and farmland constitute about 78 percent of its landmass, while developed land accounts for five percent. The population of 124 million is concentrated in major cities like Tokyo, which is home to over nine million inhabitants. Urban-rural divide and land prices Owing to an overconcentration of economic activity in Tokyo and other major cities like Osaka and Nagoya, more than half of the population is located in three metropolitan areas. Tokyo and its surrounding prefectures that comprise the Tokyo metropolitan area attract many people from other parts of the country each year, often young individuals seeking jobs or starting university. In contrast, rural regions are confronted with depopulation and economic stagnation. Japan’s urban-rural divide is also reflected in land prices. Tokyo has by far the most expensive land prices. In terms of land price growth, the cities of Sapporo, Sendai, Hiroshima, and Fukuoka have outpaced the Greater Tokyo Area in the past decade.

In 2024, the average land price in Okinawa Prefecture was about 124.9 thousand Japanese yen per square meter, up from around 118.5 thousand yen per square meter in the previous year. Okinawa recorded the highest growth in official residential land prices in the same year.

In 2024, the average land price in Fukuoka Prefecture was about 196.6 thousand Japanese yen per square meter. Fukuoka Prefecture recorded the highest official commercial land price growth in 2024.