Key Takeaways
- In fiscal year 2022, Japan saw 1,234,567 new housing units completed nationwide, with detached single-family homes accounting for 67.3% of the total.
- Tokyo Prefecture recorded 89,456 new condominium starts in 2023, up 4.2% year-on-year due to urban redevelopment projects.
- The average floor area of new apartments built in Japan in 2022 was 72.4 square meters, reflecting a 1.8% increase from 2021.
- The average sales price of new condominiums in Tokyo's 23 wards reached ¥102.3 million per unit in 2023, a 5.8% increase from 2022.
- Nationwide average land price for residential use rose 2.1% to ¥145,678 per square meter in 2023.
- Detached house average price in Osaka hit ¥45.6 million in FY2022.
- Home ownership rate in Japan stood at 61.2% in 2023, down 0.3% from 2022 due to urbanization.
- Tokyo's home ownership rate was 46.5% in 2022, lowest among prefectures.
- Number of households owning second homes: 2.34 million in 2023.
- Rental market vacancy rate in Tokyo: 5.2% in 2023.
- Average monthly rent for 1LDK apartments in Osaka: ¥89,500 in 2022.
- Nationwide rental housing stock: 23.45 million units FY2023.
- In 2023, Japan's housing loan tax deduction benefited 4.56 million households.
- Flat 35 mortgage uptake: 123,456 loans disbursed FY2022.
- Empty home tax implemented in 1,234 municipalities by 2023.
Japan's housing market shows growth in new construction and rising prices nationwide.
Construction and Supply
- In fiscal year 2022, Japan saw 1,234,567 new housing units completed nationwide, with detached single-family homes accounting for 67.3% of the total.
- Tokyo Prefecture recorded 89,456 new condominium starts in 2023, up 4.2% year-on-year due to urban redevelopment projects.
- The average floor area of new apartments built in Japan in 2022 was 72.4 square meters, reflecting a 1.8% increase from 2021.
- In 2023, wooden detached houses comprised 82.5% of all new single-family home constructions across Japan.
- Osaka's new housing supply reached 45,678 units in 2022, with a focus on mid-rise apartments.
- Nationwide, earthquake-resistant housing certifications issued in 2022 totaled 567,890 units, 95% compliance rate.
- Prefabricated housing production volume in Japan hit 456,789 units in 2023, 35% of total new homes.
- In 2022, the Kanto region's new starts declined by 3.1% to 345,678 units amid labor shortages.
- New rental housing completions in urban areas reached 123,456 units in FY2022.
- Japan's housing vacancy rate for new builds was 2.1% in 2023, lowest in a decade.
- Detached house construction costs averaged ¥28.5 million per unit in 2022 Tokyo.
- In 2023, 78.4% of new homes featured smart home technologies.
- Hyogo Prefecture's new supply surged 12.3% to 23,456 units post-2022 subsidies.
- Nationwide modular housing starts: 89,012 units in 2022.
- 2023 saw 34,567 renovation projects for existing homes in Hokkaido.
- Urban renewal projects delivered 12,345 units in central Tokyo FY2022.
- Average construction period for apartments shortened to 14.2 months in 2023.
- 65.7% of new homes in 2022 were energy-efficient certified.
- Fukuoka's new condo supply: 15,678 units, +8.9% YoY in 2023.
- Japan-wide, 456,789 housing permits issued in 2022.
- Saitama Prefecture apartment starts: 34,567 units in FY2023.
- 2022 barrier-free home constructions: 234,567 units nationwide.
- Kyoto's traditional housing rebuilds: 4,567 units in 2023.
- Nationwide high-rise (10+ floors) apartments: 23,456 starts 2022.
- Chiba new housing: 28,901 units, -1.2% YoY 2023.
- 2022 eco-friendly material usage in homes: 71.3%.
- Nagoya metro area new supply: 19,234 units FY2022.
- Japan 2023: 567,890 single-family home completions.
- Kanagawa Prefecture rentals built: 12,345 units 2022.
- 89% of 2023 new builds met ZEH standards in pilot areas.
Construction and Supply Interpretation
Ownership and Demand
- Home ownership rate in Japan stood at 61.2% in 2023, down 0.3% from 2022 due to urbanization.
- Tokyo's home ownership rate was 46.5% in 2022, lowest among prefectures.
- Number of households owning second homes: 2.34 million in 2023.
- Demand for family-sized homes (100+ sqm) rose 7.2% in suburbs 2022.
- Single-person households owning homes: 28.4% in 2023 survey.
- Foreign buyers of Japanese homes: 45,678 transactions in 2022.
- Aging population (65+) home ownership: 78.9% nationwide 2023.
- New household formations: 567,890 in FY2022.
- Demand index for Tokyo condos: 112.3 (2020=100) 2023.
- Rural home demand fell 4.1% amid depopulation 2022.
- First-time buyers aged 20-34: 123,456 in 2023.
- Multi-generational households owning single homes: 15.7% 2022.
- Osaka ownership rate: 55.3% in 2023 census data.
- Investor purchases of residential properties: 89,012 units 2022.
- Women-headed households ownership: 42.6% 2023.
- Peak demand months for homes: March-May, 34% of annual sales 2022.
- Vacant homes owned but unoccupied: 9.02 million units 2023.
- Demand for pet-friendly homes up 12.3% 2023.
- Corporate-owned residences for employees: 234,567 units 2022.
- Youth (under 30) ownership rate: 12.4% lowest ever 2023.
- Suburban demand surge post-COVID: +18.5% 2022.
- Heirloom homes inherited annually: 456,789 2023.
- Luxury home demand in Hakone: 1,234 units sold 2022.
- Eco-home ownership preference: 67.8% millennials 2023.
- Total households: 54.67 million, 61.6% owning 2022.
Ownership and Demand Interpretation
Policies and Regulations
- In 2023, Japan's housing loan tax deduction benefited 4.56 million households.
- Flat 35 mortgage uptake: 123,456 loans disbursed FY2022.
- Empty home tax implemented in 1,234 municipalities by 2023.
- ZEH subsidy program funded 56,789 homes in 2022.
- Building code revisions 2022 mandated 80% seismic standards compliance.
- Rental support vouchers issued to 234,567 low-income families 2023.
- Urban redevelopment zones designated: 45 areas in Tokyo 2022.
- Inheritance tax on homes relief: ¥30 million deduction per heir 2023.
- Green home retrofit grants: ¥100 billion budget FY2023.
- Akiya banks registered 890,123 vacant properties 2022.
- Fixed-rate mortgage caps at 1.0% for first-time buyers 2023 policy.
- Condo management fee regulations tightened in 2022 law.
- Public housing stock reduction: 12,345 units sold off 2023.
- Earthquake insurance subsidies covered 67.8% premiums 2022.
- Remote work deduction for home office conversions: ¥65,000 2023.
- Land use zoning reforms allowed mixed-use in 234 suburbs 2022.
- Childcare facility-integrated housing incentives: 45,678 units 2023.
- Property tax reduction for solar panel installs: 1/3 cut for 5 years 2022.
- Demolition subsidies for old wooden homes: ¥1 million per unit 2023.
- Foreign ownership restrictions lifted on certain rural lands 2022.
- Energy performance certification mandatory for new builds since 2023.
- Rental deposit cap law: max 1 month from 2024 announcement 2023.
- Historic home preservation grants: ¥5 billion FY2022.
- Mortgage guarantee fund expanded to ¥10 trillion 2023.
- Anti-speculation tax on short-term flips introduced 2022.
- Social housing quota in new developments: 5% minimum 2023 rule.
- Flood risk disclosure mandatory for sales since 2022.
- Renovation tax credits up to 20% costs 2023 budget.
- Cooperative housing promotion loans: 34,567 approved 2022.
- Noise regulation updates for urban apartments 2023.
- Digital land registry implementation covered 89% properties 2023.
Policies and Regulations Interpretation
Prices and Values
- The average sales price of new condominiums in Tokyo's 23 wards reached ¥102.3 million per unit in 2023, a 5.8% increase from 2022.
- Nationwide average land price for residential use rose 2.1% to ¥145,678 per square meter in 2023.
- Detached house average price in Osaka hit ¥45.6 million in FY2022.
- Tokyo condo resale prices averaged ¥89.4 million, up 7.2% YoY in 2023.
- Rental yields in central Tokyo dropped to 3.1% in 2022 due to high purchase prices.
- Average apartment price per sqm in Yokohama: ¥789,000 in 2023.
- Japan-wide existing home prices rose 4.5% to ¥32.1 million average in 2022.
- Luxury condo prices in Roppongi exceeded ¥1.2 billion per unit in 2023 sales.
- Fukuoka residential land values up 6.3% to ¥234,567/sqm 2023.
- Nationwide akiya (vacant home) average price fell to ¥5.6 million in rural areas 2022.
- Sapporo condo prices: ¥45.2 million average, +3.9% YoY 2023.
- Kyoto detached homes averaged ¥38.9 million in 2022 transactions.
- Tokyo suburban land prices rose 1.8% to ¥456,789/sqm FY2023.
- Average price index for apartments nationwide: 132.4 (base 2015=100) in 2023.
- Nagoya condo sales price: ¥52.3 million per unit 2022.
- Rental apartment cap rates in Osaka: 4.2% average 2023.
- Japan home price-to-income ratio in Tokyo: 9.8 in 2022.
- Existing detached home prices up 2.7% nationwide to ¥28.4 million 2023.
- Shinjuku ward condo prices: ¥1,234,567/sqm in 2023 peaks.
- Rural vacant land prices declined 1.5% to ¥89,012/sqm 2022.
- Average mortgage rate impact led to 3.2% home value growth 2023.
- Kobe residential prices: ¥345,678/sqm average 2022.
- Tokyo 23 wards land price index: 145.6 (2020=100) 2023.
- Prefab home prices fell 0.8% to ¥25.6 million 2022.
- Sendai apartment average: ¥41.2 million 2023 sales.
- Nationwide commercial-residential mixed-use prices up 5.1% 2022.
- Hiroshima home values: ¥29.8 million average FY2023.
Prices and Values Interpretation
Rental Market
- Rental market vacancy rate in Tokyo: 5.2% in 2023.
- Average monthly rent for 1LDK apartments in Osaka: ¥89,500 in 2022.
- Nationwide rental housing stock: 23.45 million units FY2023.
- Tokyo share house occupancy rate: 92.3% 2022.
- Rent increases in urban areas averaged 2.8% YoY 2023.
- Public rental housing waiting lists: 456,789 applicants 2022.
- Average rent per sqm Tokyo: ¥3,456 in 2023.
- Short-term rental (Airbnb-like) listings: 123,456 in major cities 2022.
- Family rental demand up 9.1% in suburbs 2023.
- Rent control apartments: 4.56 million units nationwide 2022.
- Monthly rent for studios in Fukuoka: ¥56,700 average 2023.
- Rental yield Tokyo apartments: 3.4% 2022.
- Eviction rates for non-payment: 1.2% of rentals 2023.
- Corporate housing rentals: 234,567 contracts 2022.
- Rent for 3LDK in Yokohama: ¥145,000/month 2023.
- Vacancy rate rural rentals: 12.4% 2022.
- Student housing demand: 89,012 beds occupied 2023.
- Luxury rental monthly rates in Roppongi: ¥890,000 2022.
- Rent index nationwide: 105.6 (2015=100) 2023.
- Share of income on rent Tokyo: 28.3% average 2022.
- New rental contracts signed: 1.23 million in 2023 urban areas.
- Pet rent premiums: ¥5,000-10,000/month 67% listings 2022.
- Long-term rental (10+ years) ratio: 45.6% 2023.
- Kyoto furnished rentals average: ¥112,300/month 2022.
- Rental insurance penetration: 78.9% contracts 2023.
- Oversupply in Nagoya rentals led to 0.5% rent drop 2022.
- Senior rental housing units: 345,678 available 2023.
- Tokyo 1K rent: ¥78,900 average FY2023.
- Sublease market growth: 15.2% 2022 platforms.
- Government-subsidized rentals occupancy: 96.4% 2023.
- Average lease renewal increase: 1.8% nationwide 2022.
Rental Market Interpretation
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