Our group company, Shenjumiaosuan Co., Ltd., conducted the "2023 Attitude Survey on Japanese Real Estate" (hereinafter referred to as "this survey") on 329 investors in the Greater China region who are interested in Real estate investment through "Shenjumiaosuan," one of the largest Japanese real estate platforms in the Greater China region (China, Taiwan, Hong Kong) (※1). This is the third time this survey has been conducted since 2021.

In this survey, 87.5% of investors in Greater China responded that "the time to invest in Japanese real estate is now," and interest in Japanese real estate appears to be growing even more with the lifting of overseas travel restrictions from China in August 2023. In addition, "asset value" was cited as one of the reasons for choosing Japanese real estate, in addition to "yield." The survey results are presented below.

(1) 87.5% of investors in Greater China responded that "the time to buy Japanese real estate is now"

In response to the question, "Do you think now is the time to invest in Japanese real estate?" 87.5% answered "Yes."
One possible reason for this is the weakening of the yen that began around mid-March 2022, which has accelerated the movement of overseas investors into Japanese real estate. Among them, individual investors in Greater China in particular seem to think that this trend will continue into 2024. The survey also asked why they thought "now is the right time to buy Japanese real estate," with 67.9% of respondents choosing "because the yen is weak, it's a good deal to buy now" as the most common answer.

When asked, "What is the appeal of Japanese real estate?" the most common answer, at 59.0%, was "The Japanese yen is unlikely to depreciate on a global scale, so the value of real estate is unlikely to decline either." Despite the yen's tendency to weaken, it seems that Japanese real estate is perceived to have high asset value for investors in the Greater China region. This was followed by "Low vacancy rates, making it possible to create a stable source of income" (51.9%), "Real estate prices are cheaper than in other developed countries" (42.0%), and "I like Japan" (21.3%). According to "The Japanese Real estate investment Market: Reasons to Choose Japan," published by CBRE Japan in August 2023, Japan is listed as the most preferred country for cross-border investors as an investment destination in the Asia-Pacific region. (※2)

(2) The main reasons for investing in Japanese real estate are "yield" and "asset value"

When asked "What do you consider most important when purchasing real estate in Japan?", the most popular answer was "yield" at 45.6%. Meanwhile, the next most popular answer was "asset value" at 43.5%, a difference of 2.1% compared to "yield". This shows that investors in Greater China are roughly equally interested in yield and asset value when it comes to Japanese real estate. The reason behind this is thought to be the difference in values regarding real estate between Greater China and Japan. Compared to Japan, there seems to be a strong culture in Greater China of viewing "land and real estate" as "assets" that can be passed down to descendants for generations.

(3) The most popular property type is apartments and condominiums (53.2%). Meanwhile, the increase in interest in accommodations (18.5%) may be due to the fact that people are considering real estate due to their love for Japan and their experiences visiting Japan during long holidays such as the Lunar New Year and National Day.

When asked, "What type of real estate would you like to purchase now?", 53.2% answered "Apartments/Condominiums." This was followed by "detached houses" at 43.2%, "whole buildings" at 22.5%, "accommodation" at 18.5%, and "offices/stores" at 9.4%. Apartments/condominiums remain dominant, as in last year's survey results (※3), but one difference from last year is the increase in the number of respondents who chose "accommodation." The number of users who actually contacted Shenjumiaosuan tends to increase after visiting Japan during long holidays such as the Lunar New Year and National Day. This suggests that having stayed in Japan for travel or other reasons may have strengthened their attachment to Japan and led to them considering Real estate investment.

Survey period: Monday, September 25, 2023 to Friday, December 22, 2023 Survey organization: Shenjumiaosuan Survey subjects: 329 men and women living in Greater China (China, Taiwan, Hong Kong) Survey method: Online survey

社名：株式会社神居秒算
代表者：代表取締役 趙 潔
URL： https://www.shenjumiaosuan.com/company
本社：東京都港区六本木3-2-1 住友不動産六本木グランドタワー40F
設立：2016年12月
事業内容：中華圏投資家向けプラットフォーム「神居秒算」の運営

【物件掲載に関する問い合わせ先】
株式会社神居秒算　営業企画部
メール: customer@shenjumiaosuan.com