Tokyo, Aug 12 – In recent years, a significant wave of affluent Chinese individuals has been relocating overseas, with Japan emerging as a prime destination due to its close proximity. According to a report by Japan’s Sankei News, the past five years have seen a substantial influx of wealthy Chinese moving to Tokyo, particularly favoring the city’s central districts known for their top-tier educational facilities and modern high-rise apartments. This trend has driven a notable increase in foreign populations in areas like Chuo, Bunkyo, and Chiyoda wards, and has subsequently fueled a sharp rise in local property prices.
The report highlights that Tokyo’s 23 wards have experienced a nearly 20% surge in foreign residents, increasing from 475,457 in 2019 to 570,389. In the bustling commercial heart of Chuo Ward, known for its iconic Ginza shopping district, the foreign population jumped by 50% in five years, with Chinese nationals making up 51% of the increase. Meanwhile, in Bunkyo Ward, home to prestigious institutions like the University of Tokyo, the foreign population ratio climbed from 43% to 54%, indicating that Chinese immigrants are not just seeking investment opportunities but also prioritizing access to high-quality education and living standards.
Japan’s Immigration Services Agency reported that as of 2023, the total number of foreign residents in Japan reached a record high of 3.41 million, an 11% increase from the previous year. Chinese nationals accounted for the largest group, numbering 821,838, marking an increase of 60,275 from the previous year.
This growing trend of Chinese migration is not only a reflection of the search for a better living environment but is also driven by Japan’s recent easing of residency conditions. Since 2019, Japan has revised its immigration laws to attract more foreign workers and has relaxed requirements for foreign entrepreneurs, making it easier to obtain business management visas. As of the end of 2023, about 30,000 people held such visas, which also allow them to bring their families, drawing in many from China’s middle and upper classes.
The influx of Chinese buyers has had a significant impact on Tokyo’s real estate market. The Wall Street Journal reported in May that China’s economic downturn has prompted its wealthy elite to seek refuge in Japan, snapping up local properties. While Japan is not the only country attracting Chinese immigrants—others like the U.S., Canada, and Singapore are also popular—Japan’s proximity makes cities like Tokyo particularly appealing for those with financial means.
The surge in Chinese property buyers has also contributed to soaring real estate prices in Tokyo. According to Nikkei Asia, the average price of new apartments in Tokyo’s 23 wards rose to 114.83 million yen in 2023, up 39.4% from the previous year, breaking the 100 million yen mark for the first time. Across the Greater Tokyo area, including Kanagawa, Saitama, and Chiba prefectures, new apartment prices increased by 28.8% to 81.01 million yen, setting a record for the third consecutive year.
