Rising Interest: Chinese Tourists Eye Japanese Real Estate to Buy Homes

In this June 17, 2015 photo, Chinese tourists with shopping bags wait for a sightseeing bus in front of a discount electronics store in Tokyo's Ginza district. AP Photo/Shizuo Kambayashi

Finding a home to buy in Japan has become part of the travel agenda of many affluent Chinese visitors, according to a real estate platform serving the Chinese community in Japan.

This has occurred as Japan becomes the top choice for outbound travel among Chinese tourists during the Chinese Communist Party’s (CCP) 8-day long National Day holiday, which began on Sept. 29.

Well-to-do Chinese visitors used to buy properties as investments but are now buying properties as their primary residence, according to Shenjumiausuan, the biggest platform service that provides Japanese real estate information, mainly to customers in mainland China, Taiwan, and Hong Kong.

The company’s CEO, Zhao Jie, recently told Japanese media that since the Japanese government lifted entry restrictions at the end of October last year, the number of inquiries from potential Chinese buyers had gradually increased. Moreover, with the rapid decline of the yen, there is a belief among the Chinese that “Real estate in Japan is currently a bargain.”

Now, there are dozens of daily inquiries, and many affluent Chinese are coming to Japan to buy real estate during the National Day holiday, Mr. Zhao said.

Before the COVID-19 pandemic, real estate agencies and developers told The Epoch Times that many Chinese people were investing in Japanese real estate and that wealthy Chinese particularly like high-rise apartments in Tokyo Bay. Such high-end apartments usually cost over 300 million yen ($2 million). Facing Tokyo Bay, they offer views of landmarks such as Mount Fuji and Tokyo Tower.

Some developers told The Epoch Times that they often discreetly cap the number of Chinese buyers for each tower to preserve the prestige of these luxury apartments. They also said that when Tokyo’s real estate prices were at a high level on the eve of the Tokyo Olympics, a large number of Chinese began to sell and cash out.

In the past, numerous Chinese who bought Japanese properties as investments made purchase decisions based solely on online research. But there’s been a shift since the pandemic, as more are seeking homes for personal use.

As a result, many are visiting Japan to personally inspect properties before buying, rather than relying only on online information and making immediate decisions, Mr. Zhao said.

During COVID-19, the Chinese authorities implemented a strict “zero-COVID” policy that adversely affected China’s population. Since the end of the pandemic, many Chinese, especially the wealthy, have chosen to emigrate overseas if possible.

Mr. Zhao said China’s affluent class is also divided into tiers, and their choices for buying homes differ greatly. The “super-rich” prefer high-rise condominium towers in the Minato-ku area of Tokyo, while the “moderately wealthy” favor properties in Tokyo’s Koto-ku and Chuo-ku areas.

No Nuclear Worries

Meanwhile, the CCP’s official media claimed that the discharge of nuclear wastewater from the Fukushima Daiichi nuclear power plant beginning late August had led to many cancellations of Chinese tourist groups to Japan.

However, a report jointly released by Chinese search engine Baidu and tourism giant Ctrip on Sept. 26 showed that Japan ranked No. 1 among popular overseas tourist destinations based on analysis of bookings and other data.

Ichiro Takahashi, commissioner of the Japan Tourism Agency, said on Sept. 27 that the impact of the discharge of nuclear-treated water on tourism was limited.

“The booking rate of flights from China to Japan is very high, and we have not seen any impact from the discharge of treated-nuclear water,” he said.