Finding a home to buy in Japan has become a popular goal for affluent Chinese visitors, according to a real estate platform serving the Chinese community in Japan. This trend has emerged 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. Shenjumiausuan, the largest platform service providing Japanese real estate information to customers in mainland China, Taiwan, and Hong Kong, has noted a shift in purchasing behavior. While wealthy Chinese visitors used to buy properties as investments, they are now purchasing properties as their primary residence.
According to the platform’s CEO, Zhao Jie, the number of inquiries from potential Chinese buyers has gradually increased since the Japanese government lifted entry restrictions in late October last year. Additionally, with the rapid decline of the yen, many Chinese believe that real estate in Japan is currently a bargain. As a result, there are now dozens of daily inquiries, and many affluent Chinese individuals are choosing to buy real estate during the National Day holiday.
Prior to the COVID-19 pandemic, Chinese investors were already showing interest in Japanese real estate, particularly high-rise apartments in Tokyo Bay. These luxurious apartments, which typically cost over 300 million yen ($2 million), offer stunning views of landmarks such as Mount Fuji and Tokyo Tower. Some developers discreetly limit the number of Chinese buyers for each tower to maintain the prestige of these high-end properties. However, as Tokyo’s real estate prices reached a peak leading up to the Tokyo Olympics, many Chinese investors began to sell and cash out.
In the past, Chinese buyers often made purchase decisions based solely on online research. However, since the pandemic, there has been a shift towards visiting Japan in person to personally inspect properties before making a decision. Buyers are no longer solely relying on online information and are taking the time to ensure they make the right choice.
The COVID-19 pandemic and the Chinese authorities’ strict “zero-COVID” policy have prompted many Chinese, especially the wealthy, to seek opportunities to emigrate overseas. China’s affluent class is divided into tiers, and their preferences for buying homes differ greatly. The “super-rich” tend to favor high-rise condominium towers in Tokyo’s Minato-ku area, while the “moderately wealthy” prefer properties in Tokyo’s Koto-ku and Chuo-ku areas.
Despite claims by the CCP’s official media about the negative impact of nuclear wastewater discharge from the Fukushima Daiichi nuclear power plant on Chinese tourist groups’ travel to Japan, the actual data tells a different story. A report by Chinese search engine Baidu and tourism giant Ctrip showed that Japan is still the top choice among popular overseas tourist destinations. Ichiro Takahashi, the commissioner of the Japan Tourism Agency, stated that the discharge of nuclear-treated water had limited negative effects on tourism. The booking rate of flights from China to Japan remains high, indicating that the discharge has not significantly impacted travel.