Graph and download economic data for Residential Property Prices for Japan (QJPN628BIS) from Q1 1955 to Q4 2024 about Japan, residential, HPI, housing, price index, indexes, and price.

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.

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.

Residential Property Prices in Japan increased 3.16 percent in December of 2024 over the same month in the previous year. This dataset includes a chart with historical data for Japan Residential Property Prices.

Housing Index in Japan increased to 131.15 points in April from 129.96 points in March of 2025. This dataset provides - Japan Construction Starts - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Japan JP: Standardised Price-Income Ratio: sa data was reported at 87.536 Ratio in 2024. This records a decrease from the previous number of 89.289 Ratio for 2023. Japan JP: Standardised Price-Income Ratio: sa data is updated yearly, averaging 113.262 Ratio from Dec 1960 (Median) to 2024, with 65 observations. The data reached an all-time high of 163.202 Ratio in 1973 and a record low of 73.471 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 2025, Tokyo Prefecture recorded the highest average official land price of all 47 prefectures in Japan, at around 1.3 million Japanese yen per square meter. It was followed by Osaka Prefecture with an average official land price of 376,220 yen per square meter.

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.

Japan JP: Price to Rent Ratio: sa data was reported at 132.703 2015=100 in 2024. This records an increase from the previous number of 129.382 2015=100 for 2023. Japan JP: Price to Rent Ratio: sa data is updated yearly, averaging 125.671 2015=100 from Dec 1970 (Median) to 2024, with 55 observations. The data reached an all-time high of 185.251 2015=100 in 1991 and a record low of 91.768 2015=100 in 2009. Japan JP: Price to Rent 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 rent price indices

In December 2024, the monthly existing home sales index in Japan stood at 123.2 index points, down by 0.3 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.

Real residential property prices Y-on-Y, percent change in Japan, December, 2024 The most recent value is -0.12 percent as of Q4 2024, a decline compared to the previous value of 0.45 percent. Historically, the average for Japan from Q1 1990 to Q4 2024 is -0.85 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 July 2024, Tokyo Prefecture recorded the highest average standard land price for industrial land in Japan. The average price for industrial land amounted to 327.2 thousand Japanese yen, compared to 6.5 thousand yen in Akita Prefecture, which recorded the lowest average land price. The standard land price survey is an assessment of land prices as of July 1 each year conducted by prefectural governments.

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.

Japan JP: House Price Index: Real: sa data was reported at 119.499 2015=100 in 2024. This records an increase from the previous number of 118.741 2015=100 for 2023. Japan JP: House Price Index: Real: sa data is updated yearly, averaging 105.690 2015=100 from Dec 1960 (Median) to 2024, with 65 observations. The data reached an all-time high of 166.308 2015=100 in 1991 and a record low of 30.228 2015=100 in 1960. Japan JP: House Price Index: Real: 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 deflated using the private consumption deflator from the national account statistics. More information on the nominal house prices are available on the nominal house price indicators selection.

The Japan luxury residential real estate market, valued at approximately ¥3 trillion (assuming a market size "XX" in the millions translates to a similar value in Japanese Yen based on typical luxury property pricing) in 2025, exhibits robust growth potential with a CAGR exceeding 3.00%. This expansion is fueled by several key drivers: a burgeoning high-net-worth individual (HNWI) population seeking premium properties, increasing tourism boosting demand for luxury vacation homes, and a preference for larger, more luxurious residences among affluent Japanese citizens. Furthermore, strategic investments in urban renewal projects, particularly in major cities like Tokyo, Kyoto, and Osaka, are creating more desirable and expensive housing options. The market is segmented by property type (apartments/condominiums, villas/landed houses) and location, with Tokyo commanding the largest market share. However, the market faces certain restraints. Strict building regulations and land scarcity in prime locations limit supply, impacting affordability and potentially slowing growth. Economic fluctuations, both globally and domestically, also pose a risk to the market's trajectory. Despite these challenges, the long-term outlook remains positive, driven by the continuous influx of foreign investment, the ongoing revitalization of urban areas, and the enduring appeal of owning luxury properties in Japan, particularly in culturally significant cities. Major players like Mori Trust, Mitsubishi Estate, and Mitsui Fudosan are actively shaping the market through innovative projects and strategic acquisitions. The continued rise in demand combined with the inherent limitations of supply suggests this sector is poised for significant, though possibly moderated, growth over the next decade. Recent developments include: On January 13th, 2022, Mitsubishi Estate announced rental residences would be included on the upper floors of Torch Tower, a mixed-use building to be developed in the Tokyo Torch complex, officially named the Tokyo Station Tokiwabashi Project. These will be the first residential units for rent in the Otemachi, Marunouchi, and Yurakucho areas, according to Mitsubishi Estate. There will be approximately 50 luxury rental apartments planned, between roughly 70 to 400 square meters in exclusive use spaces. Torch Tower will be a 63-story, 4-level basement complex consisting of a hotel, offices, event spaces, and retail stores in addition to the luxury rental units. Construction is scheduled to begin in the fiscal year 2023 and be completed in the fiscal year 2027., On April 25th, 2022, Mitsui Fudosan Residential and Mitsubishi Estate Residence announced the permanent name of "Mita Garden Hills" for the, until now, tentatively named "Mita 1-Chome, Minato-ku, Tokyo Project". It is a large-scale luxury condominium project that will include 1,002 units ranging from studio to 4-bedroom condos. The site spans 2.5 hectares and will have 1,002 apartments across several 1 - 14-story buildings, with apartment sizes ranging from 29 - 370 sqm (312 - 3,891 sq. ft). Only the units over 200 sqm in size appear to have two bathrooms (or a shower in the main bedroom). A resident-only central garden of around 7,700 sqm will be landscaped with 130 varieties of new and existing plants. Approximately 500 tonnes of rainfall will be collected each year to help with the watering of the plants to conserve water usage.. Notable trends are: High Concentration of UHNWI in Tokyo Driving the Sales of Luxury Homes.

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.

The original real estate rent data provided by At Home Co., Ltd.(Tokyo, Japan) cannot be made publicly available due to the data disclosing policy of the data owner. Therefore, we provide a part of the dataset recorded on 8000 properties. The dependent variable, rent per square meter of properties, was transformed logarithmically and the explanatory variables, the attributes of properties, were also transformed logarithmically and then normalized to mean 0 and variance 1. Noises were added to the geographic coordinates of the data.

Japan JP: House Price Index: Nominal: sa data was reported at 132.265 2015=100 in 2024. This records an increase from the previous number of 128.526 2015=100 for 2023. Japan JP: House Price Index: Nominal: sa data is updated yearly, averaging 102.212 2015=100 from Dec 1960 (Median) to 2024, with 65 observations. The data reached an all-time high of 173.878 2015=100 in 1991 and a record low of 6.373 2015=100 in 1960. Japan JP: House Price Index: Nominal: 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. Whole country; Seasonnally adjusted by OECD, using the X-12 ARIMA method; Residential property prices, sales of newly-built and existing dwellings, all types of dwellings The source for recent figures (from 2008Q2) is same as the OECD Residential Property Price Indices (RPPIs) - Headline indicators database. Previously, the used indicator is 'Urban Land Price Index - Nationwide' from Japan Real Estate Institute. Sales

Japan Property Price Index: Residential Property data was reported at 112.360 2010=100 in Jun 2018. This records an increase from the previous number of 111.830 2010=100 for May 2018. Japan Property Price Index: Residential Property data is updated monthly, averaging 101.790 2010=100 from Apr 2008 (Median) to Jun 2018, with 123 observations. The data reached an all-time high of 113.630 2010=100 in Mar 2018 and a record low of 97.260 2010=100 in Oct 2009. Japan Property Price Index: Residential Property data remains active status in CEIC and is reported by Ministry of Land, Infrastructure, Transport and Tourism. The data is categorized under Global Database’s Japan – Table JP.EB014: Residential Property Price Index.

Price to Rent Ratio in Japan increased to 134.10 points in the fourth quarter of 2024 from 133.20 points in the third quarter of 2024. This dataset includes a chart with historical data for Japan Price to Rent Ratio.