Foreign investors are buying up Japanese hotels at a scale unseen in almost a decade, as the nation’s tourism recovery, weak currency and low interest rates drive appetite from abroad.

Overseas buyers were responsible for 47% of the ¥494.3 billion ($3.7 billion) invested in hotel deals that closed in the past 12 months — the highest proportion since 2014, according to data at the end of March from research firm MSCI Real Assets.

A combination of low rates, the weak yen and market stability has made Japanese real estate attractive for global investors amid pervasive economic uncertainty in the past year, said Benjamin Chow, MSCI’s Asia head of real assets research.