Mount Fuji at dusk
RIENGOLD PRIVATE OFFICESample edition
The Japan Prime Report

Japan,
at the top
of the world.

Homes above ¥100 million in Tokyo, Kyoto, Niseko and Hakone–Gotemba: prices, who is buying, the new rules, and what buyers are waiting for.
Tokyo: highest prime price growth of 100 cities in 2025 (Knight Frank, PIRI 100)
H2
2026
The Japan Prime Report · H2 202601 · Six numbers

Six numbers to know

Tokyo led the world in prime price growth in 2025, and the rules for buying from abroad changed in 2026. These six figures frame both.

+58.5%

Prime new-build values in Tokyo, 2025. Highest of 100 cities.

Knight Frank, The Wealth Report 2026 (PIRI 100)
¥136M

Average new condominium, Tokyo 23 wards, 2025 (+21.8%).

Real Estate Economic Institute, via nippon.com (Jan 2026)
5.9%

New condos in central Tokyo bought from an overseas address, 2025.

MLIT registry study (Sep 2026)
<3%

Resales within one year by overseas buyers. Most hold.

MLIT, H1 2025 study
20 days

Deadline to report a purchase by a non-resident to the Bank of Japan, since April 2026. Second homes included.

Ministry of Finance FAQ (June 2026)
36.6 m²

What US$1M buys in prime Tokyo, down from 62.4 m² in 2020.

Knight Frank, The Wealth Report 2026
Riengold Private OfficeSample · figures to be re-verified before publication2
The Japan Prime Report · H2 202602 · Demand and rules

What buyers are waiting for

Registered searches in our register, as of 1 November 2026. Each buyer counted once per search; the second figure counts only buyers whose identity and funds are verified. Shown only for searches with five or more buyers.

Tokyo low-rise, ¥800M–1.2B11 · 5
Kyoto historic house, ¥450–900M9 · 4
Niseko chalet, ¥300–600M7 · 3
Karuizawa land, ¥250–450M5 · 2

The new rules, on one page

Apr 2026Every property purchase by a non-resident must be reported to the Bank of Japan within 20 days, whatever the price. The form is in Japanese; a resident agent may file it.
Oct 2026New owners declare nationality at registration. It is recorded, not shown on the public register.
FY2026Brokers must document anti-money-laundering risk; identity and beneficial-owner checks apply to every sale, with stricter checks for foreign public figures.
Diet, autumnA bill on land near defence sites and border islands may bring permits for some purchases. We screen every site against the designated areas.
Method. Prices and shares come from the public sources named under each figure. Transaction data: MLIT Real Estate Information Library, processed by Riengold (PDL 1.0); MLIT does not endorse this report. Demand: our register of buyers, grouped by search, shown only for groups of five or more; no REINS data and no individual deal is disclosed. Our own deal figures are aggregates, used with client consent. Units under developer resale bans are excluded. Limits: MLIT price surveys have a low response rate (about 29%), and averages at the top end move with a few towers, so we show ranges and counts, not single averages. Definitions stay fixed between editions; from the next edition we score our past calls. Methodology also in Japanese. This sample edition uses illustrative register counts.
Riengold Private OfficeSample · not investment advice3