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.

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.

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.

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

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 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.

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

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 2025, the average land price in Japan amounted to ******* 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 ******* square kilometers. ************** of the country’s land area is covered by mountains. Forestland and farmland constitute about ** percent of its landmass, while developed land accounts for **** percent. The population of *** million is concentrated in major cities like Tokyo, which is home to over **** 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 ***** 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.

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.

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 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.

Japan: Property rights index (0-100): The latest value from 2025 is 95 points, unchanged from 95 points in 2024. In comparison, the world average is 53 points, based on data from 182 countries. Historically, the average for Japan from 1995 to 2025 is 83 points. The minimum value, 70 points, was reached in 2002 while the maximum of 95 points was recorded in 2022.

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.

In 2025, average standard commercial land prices in Japan grew by *** percent in the Tokyo region. Average standard commercial land prices grew by *** percent nationwide. The standard land price survey is an assessment of land prices as of July 1 each year conducted by prefectural governments.

In 2025, the average land price in Okinawa Prefecture was about ******* Japanese yen per square meter, up from around ******* yen per square meter in the previous year. Okinawa recorded the highest growth in official residential land prices in the same year.

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.