Tokyo’s ‘undervalued’ real estate draws in flood of global money

Property

Japanese capital’s investment returns on land beat those of New York, London, Singapore

Analysts say Tokyo’s office rents are relatively low, giving them room to move higher. (Photo by Tomoki Mera)

HIROFUMI KANAOKA

September 17, 2025 06:10 JST

TOKYO — Benchmark land prices in major Japanese cities rose in the first half of 2025 on historically high foreign real estate investment supported by Tokyo’s relatively cheap office rents, the weak yen and low interest rates.