Japan Housing Market is Heating Up! Single-Family Homes Sold Increased Most Significantly
Sep 19, 2023
Japanese housing market rose against the trend. The home sales index in May was 114.7, an increase of 2.6% from the previous month. Among them, the sales volume of single-family houses increased most significantly during this period.
TOKYO, JAPAN (Merxwire) – After the epidemic subsided, real estate in many countries fell significantly, and Japanese housing market bucked the trend and rose. According to the existing house sales index released by the Ministry of Land, Infrastructure, Transport and Tourism of Japan in May 2023, the sales index of single-family houses and apartments was 114.7, an increase of 2.6% from the previous month; if existing houses under 30 square meters are excluded, the sales index was 106.4. A rise of 5.5% from the last month. Among them, single-family houses were the project with the most significant sales growth in this period, with a sales index of 113.6, an increase of 8.2% from the previous month.
From the perspective of regional classification, Tokyo has the best housing sales, with a sales index of 135, followed by the Shikoku region and the Chubu region, with sales indexes of 124.1 and 120.4, respectively. In particular, the apartment sales index in the Hokuriku region increased significantly, up 32.5% from the previous month, indicating that in addition to the increase in housing sales in densely populated urban areas, housing sales in areas with lower population density also increased significantly.
Although single-family homes have grown more in this period of housing sales, according to statistical data from 2008 to the present, apartments have gradually become the main project in housing sales. In the past, the sales volume of single-family houses was significantly higher than that of apartments; with the changes in culture and living patterns, the sales volume of apartments gradually surpassed that of single-family houses around 2016 and has become the most popular type of home purchase now.
In recent years, Japan has experienced high commodity prices, and wages have not risen at the same rate. Apartments with small square meters have become increasingly popular among Japanese home buyers. With limited space, how to effectively utilize space and storage has become one of the key points that many Japanese people pay attention to when purchasing furniture. Many furniture mass-market stores in Japan, including MUJI, NITORI, and DAISO, sell various furniture with storage or organization functions, which can effectively expand indoor space.
Small-square-meter apartments have become a trend in Japan, reflected in the product rankings of the Japanese national lifestyle brand MUJI. According to MUJI’s 2022 best-selling rankings, consumers finally welcome storage products. The first and third places are the polypropylene storage box and the SUS storage shelf series. Consumers can choose different materials or sizes to freely match according to the home atmosphere and space so that users can have the most suitable storage method in every room at home.
Small-square-meter apartments drive sales of storage products and even extend to occupations such as professional organizers. Even if the economy or environment is not good, people can still create a refined and straightforward interior space through organization and storage to improve their home life.
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