Singapore investors are snapping up Japanese real estate, attracted by a weaker yen and the prospect of tourism-driven growth in the second-largest metropolitan area Osaka.
International property agent FM Investment said it has seen a fivefold increase in inquiries since Japan opened its borders in October, with Singapore making up about 70% of 800 requests between April and June alone, followed by Hong Kong. Second-quarter sales are double the volume of the whole of last year.
The yen has fallen about 8% against the Singapore and Hong Kong dollar this year, increasing the purchasing power of property investors seeking bargains outside two of the most-expensive markets in the Asia-Pacific region. Agents say buyers are particularly attracted to Osaka, where the next World Expo will be hosted in 2025 and a casino resort is scheduled to open in 2029.