※ This article is for informational purposes and personal analysis only—not investment, legal, tax, or immigration advice, and not a recommendation to buy or sell any property or financial product. Verify figures, rules, and market data against official sources and consult qualified professionals; you are solely responsible for your decisions. Information reflects the time of writing and may change afterward.
This is a pillar page. Each chapter links to in-depth articles. Get the big picture first, then follow the links that matter most to you.
Why Tokyo, Why Now
As of April 2026, the median existing-condo price across Tokyo’s 23 wards is roughly 92 million JPY (9,200만 JPY) (92,000,000 JPY, ~1.4 million JPY/sqm or 140万 JPY/㎡).1 In Minato, Chiyoda, and Shibuya, new-build tsubo prices have surpassed 9 million JPY (900만 JPY), with Akasaka breaking ¥10M/tsubo.6
Three pillars support this rally:
- Rising overseas-address buyers — According to Japan’s Ministry of Land, Infrastructure, Transport and Tourism (MLIT), overseas-based buyers accounted for 3.5% of new condos in Tokyo’s 23 wards (H1 2025), rising to 7.5% in the core 6 wards — up from 3.2% in 2024.2 The weak yen (KRW per 100 JPY, roughly 800–900) continues to funnel Korean, Taiwanese, and Singaporean capital.
- Structural supply shortage — new condo supply in central Tokyo is chronically tight.
- Tight rental market — Miki Shoji Q1 2026 data shows office vacancy in the 5 central wards at 2.22%3; residential compact units in Minato and Chiyoda exhibit similarly low churn given elite-demand clustering.
Japan has virtually no restrictions on foreign property ownership. No visa, no PR, no government approval. I wrote this guide to answer: “So how do I actually start?”
Chapter 1. Areas, Prices & Tsubo Benchmarks
| Tier | Key Wards | Tsubo Range | Profile |
|---|---|---|---|
| Core 3 | Chiyoda, Chuo, Minato | ¥6M–10M+ | Appreciation |
| Sub-core 3 | Shinjuku, Shibuya, Bunkyo | ¥4.5M–7.5M | Balanced |
| Residential | Setagaya, Suginami, Meguro | ¥3.5M–5M | Owner+invest |
| Outer | Adachi, Edogawa, Katsushika | ¥2M–3.5M | High yield |
The key is the tsubo × yield × liquidity triangle.6 (Note: The tsubo price ranges represent a macroeconomic comparative framework built on 2025-2026 average transaction data.)
Chapter 2. Buying Process — 8 Steps
| Step | Action | Key Point |
|---|---|---|
| 1 | Budget | ~7–10% for taxes, brokerage, registration, etc.7 |
| 2 | Broker | Foreign-client experience required |
| 3 | Search & inspect | Check management minutes, repair reserves |
| 4 | Offer | Kaitsuke shomeisho — negotiate here |
| 5 | Important matters | Jūyō jikō setsumei — get it translated |
| 6 | Contract & deposit | 5–10% of price8 |
| 7 | Financing | Non-residents: cash. Residents: Prestia, SBI Shinsei |
| 8 | Closing & registration | Judicial scrivener files at Legal Affairs Bureau |
Non-residents: passport + notarized affidavit replaces inkan.9 No jūminhyō — use home-country notarized docs. Use escrow or scrivener trust accounts.
📖 Buying Process Deep-Dive: 8-Step Guide | 3 Things About Japan RE | Contract Traps in Tokyo
Chapter 3. Yields & J-REITs
| Metric | Core 3 | Sub-core | Outer |
|---|---|---|---|
| Surface yield | 3.0–4.0% | 4.0–5.5% | 5.5–8.0% |
| Mgmt fees | ¥20–50K/mo | ¥15–30K/mo | ¥10–20K/mo |
| Vacancy risk | Low | Moderate | High |
Surface-yield bands are a market framework by ward and building age; verify each deal in the yield deep-dive.
Net yield = (Annual rent − Costs) ÷ (Price + Transaction costs) × 100
Per JPX market data, forecast annual distribution yields are roughly 4–5% (varies by period and sector).10 Treat BOJ policy and FX separately.
📖 Yield vs Capital Gain Breakeven | J-REIT 5 Things | Hotel vs Office REITs | Rate Hikes & J-REIT
Chapter 4. Redevelopment
Tokyo is mid-cycle in a “once-in-a-century” redevelopment wave. Nihonbashi, Yaesu, Toranomon, and Shibuya mega-projects complete 2028–2030. Adjacent value uplift has already started.11
Principles: buy before groundbreaking, target existing renovations within 5-min walk from stations, understand rights-conversion structures.
📖 Coredo Nihonbashi Redevelopment | Mitsui Pipeline Pt.3 | Office Vacancy 2% — 5-Ward Map
Chapter 5. Taxes, Depreciation & Corporate Structures
Depreciation — The Tax Shield
| Structure | Useful Life |
|---|---|
| Wood | 22 yrs |
| Light steel | 19–27 yrs |
| RC / SRC | 47 yrs |
Straight-line only since 2016. Used buildings past statutory life: life × 0.2 = shortened depreciation.12
Holding phase
Corporate vs. Personal
| Factor | Personal | Corporate (GK/KK) |
|---|---|---|
| Tax rate | 5–45% | Effective 30–35%17 |
| NR withholding | 20.42% | Avoidable |
| Inheritance | Up to 55% | Share transfer route |
Chapter 6. Risks — Earthquakes, FX & Rates
- Earthquakes: Post-1981 buildings withstand intensity 7.13 Earthquake insurance is typically 30–50% of the fire-policy limit.16 Avoid reclaimed land.
- FX: KRW per 100 JPY in the roughly 800–900 range demands dual-scenario planning. I play both sides.
- Interest rates: BOJ tightening cycle underway, but glacial by global standards.
📖 Earthquake-Vulnerable 5 Areas | Weak Yen Allocation | When FX Shakes
Chapter 7. Visas & Residency
No visa needed to own. To live and manage locally, you need a residence status.
- Business Manager Visa — Post–Oct 2025 reform: roughly ¥30M capital plus language requirements15
- Highly Skilled Professional (HSP) — 70+ points: PR eligible after 3 years; 80+ points: PR eligible after 1 year14
- 10-year continuous residence — PR route with tax compliance
Pre-Purchase Checklist
- Define goal — income, gain, tax shield, or residence
- Budget — price + ~7–10% costs + contingency
- Shortlist 3 areas — tsubo, yield, redevelopment
- Seismic standard — post-June 1981
- Tax structure — personal vs. corporate
- Local team — broker, scrivener, tax accountant, manager
- FX scenarios — entry rate vs. 3–5yr exit
- Review repair reserves — request chōki shūzen keikaku
![Tokyo's Core 6 Wards Decoded: Shinjuku, Shibuya & Bunkyo — Relocation & Investment Data Guide [Ep.2]](https://gsfark.com/assets/images/blog/tokyo-shinjuku-shibuya-bunkyo-hero.webp)
![Tokyo's Core 3 Wards Deep Dive: Chiyoda, Chuo, Minato — Relocation & Investment Data Guide [Ep.1]](https://gsfark.com/assets/images/blog/tokyo-core-3-wards-hero.webp)