Taiwanese investors have become the largest group of foreign buyers of new apartments in Tokyo’s 23 wards, reflecting growing confidence in Japan’s real estate market.
According to a land ministry survey, Taiwanese accounted for 32% of foreign purchases of new apartments in Tokyo in 2024, ahead of Chinese and U.S. buyers. Their share rose sharply to 62% in the first half of 2025, signaling a strong upward trend.
Industry professionals attribute the surge to rising property prices in Taiwan, a weaker yen that makes Japanese real estate relatively affordable, and concerns over geopolitical risks. Many Taiwanese buyers view Japan as a stable location to diversify assets and hedge against inflation.
Demand spans both investment and residential purposes. Some buyers are acquiring second homes or properties for study and work, while others are purchasing rental units for long-term income. High-demand areas include Tokyo’s central wards such as Chiyoda, Chuo, Minato, Shinjuku and Shibuya, where a significant share of properties are priced above 70 million yen.
Real estate firms report that transactions involving Taiwanese clients have rebounded strongly since the pandemic, now exceeding pre-2020 levels. Analysts also note a decline in Chinese investment due to economic slowdown and tighter capital controls, further elevating Taiwan’s position in Japan’s foreign buyer rankings.
With Taiwan’s housing prices significantly higher than comparable areas in Tokyo, and amid ongoing regional uncertainties, Japanese property is increasingly seen by Taiwanese buyers as both a financial opportunity and a long-term safeguard.
