A two-speed market: metros vs depopulating areas
The first thing to grasp about Japanese property prices in 2026: there is no single market, but two opposing dynamics.
- The metros and their transport corridors (Tokyo Tokyo, Osaka Osaka, Fukuoka Fukuoka, Nagoya Nagoya) stay tight: stable or rising population, limited downtown supply, solid rental demand. Prices trend up, pulled by new-builds and international buyers.
- Depopulating rural areas (kaso chiiki) follow the reverse demographic trend: ageing population, many vacant houses (akiya), flat or falling prices. This is where the cheapest akiya sit — with the risk of a property that is hard or impossible to resell.
The real divide is therefore not "city vs countryside" but "well-connected vs poorly-connected". A house 30 minutes from a big-city station is worlds apart, in liquidity, from an isolated house two hours' drive away. To explore each market city by city, see our analysis of investing in Osaka.
Driver #1: a weak yen, an opportunity for euro buyers
For several years the yen has traded at historically low levels against the euro and dollar. For a buyer paying in euros, that means mechanically stronger purchasing power: the same property costs noticeably less in euros than it did five years ago.
In concrete terms, a property listed at ¥30,000,000 is about €200,000 at 150 ¥/€ — a well-located renovated flat in a provincial city, or a studio on a big city's edge. The "Japanese prices + weak yen" combination explains the influx of foreign buyers.
⚠ The nuance to keep in mind
The weak yen is an opportunity on the buy side, but the exchange rate cuts both ways: at resale or when repatriating rent, a rising yen would shrink the euro gain. Reason first about the quality of the property and its yield in yen — the currency is a bonus, not the investment thesis. Test your assumptions in our yield simulator.
Driver #2: the record 2025 tourism (42.7M visitors)
In 2025, Japan welcomed a record 42.7 million foreign visitors. This tourism wave, boosted by the weak yen, fuels sustained demand for short-stay rentals (minpaku, minpaku) in tourist areas.
For the investor, the effect is twofold:
- in well-located tourist districts, short-stay yields can reach double digits when the purchase is good and management is serious;
- but the rules are strict: the minpaku law (max 180 nights/year), local zoning, ryokan-gyō licences to operate year-round. See our guides to the minpaku licence (180 days) and short-stay rentals in Osaka.
Tourism therefore supports prices and yields in tourist locations — but only for those who respect the legal framework.
Akiya: the real issue is still location
Vacant houses (akiya, akiya) advertised at rock-bottom, sometimes symbolic prices are seductive. But the low price almost always hides a reason: location.
The right lens is not "how much does it cost" but "will this be rentable and resellable?". Our selection criteria:
- station ≤ 20-30 minutes (on foot or by transport);
- shops, schools, hospital nearby;
- an area not doomed by the most severe depopulation.
A well-located akiya, smartly renovated, can be an excellent deal; an isolated akiya is often a trap, whatever its price. We detail this method in buying an akiya in Japan, and our listings keep only properties with a defensible location.
Where to find official prices: reinfolib and chika kōji
To avoid overpaying, rely on official public data, free and reliable:
| Zone type | 2026 price trend | Liquidity (resale) |
|---|---|---|
| Metro cores (Tokyo, Osaka…) | Firmly up | High |
| Well-served suburbs (station ≤ 30 min) | Stable to slightly up | Good |
| Dynamic provincial cities (Fukuoka…) | Locally up | Fair |
| Depopulating rural areas | Stable to down | Low to none |
Two reference sources:
- Fudōsan Jōhō Library (reinfolib, MLIT): actual transaction prices and neighbourhood data;
- chika kōji (chika kōji, MLIT): official land values published each year.
⚠ These trends are qualitative: the Japanese market is very local, two neighbouring streets can diverge. Always cross-check with actual local transactions before making an offer.
In short: buy the location, not the asking price
In 2026, Japan's property market rewards a fine reading: metros and well-connected corridors up, depopulating areas down. The weak yen and record tourism (42.7M visitors) create a favourable window for euro buyers and short-stay investors — provided you stay within the minpaku legal framework.
The golden rule does not change: buy the location, not the asking price. Check actual prices on reinfolib and chika kōji, measure the yield in yen with our simulator, review the property's natural-disaster risks, and browse our listings selected for location. For end-to-end support, see our service.
Frequently asked questions
Are property prices rising in Japan in 2026?
It depends on the area. In the big metros (Tokyo, Osaka, Fukuoka) and their well-served suburbs, prices trend up. In depopulating rural regions, they stagnate or fall. The Japanese market is very local: reason neighbourhood by neighbourhood, not at a national level.
Is the weak yen really a good reason to buy?
The weak yen boosts a euro buyer's purchasing power, which is a genuine opportunity on the buy side. But the exchange rate cuts both ways: at resale or when repatriating rent, a rising yen shrinks the gain. Reason first about the quality of the property and its yield in yen; the currency is a bonus.
Does record tourism benefit property investors?
Yes, indirectly. The 42.7 million visitors of 2025 support short-stay rental demand (minpaku) in tourist areas, where yields can reach double digits. But the activity is tightly regulated (minpaku law, 180 nights/year, ryokan-gyō licences): you must respect the legal framework to benefit from it.
Should you buy a cheap akiya?
Only if the location holds up. A rock-bottom vacant house is often cheap precisely because it is poorly located and hard to rent or resell. Our criteria: station ≤ 20-30 minutes, shops nearby, not too depopulated an area. A well-located akiya can be excellent; an isolated akiya is a trap.
Where can you check official property prices in Japan?
Two free MLIT sources: Fudōsan Jōhō Library (reinfolib), which publishes actual transaction prices by neighbourhood, and chika kōji, which gives official land values each year. Always cross-check with local listings and recent sales before making an offer.
Official sources
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