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  • Writer's pictureAdam German

Greater Tokyo tops London and New York for real estate investment in Q1 2024

On May 27th, the Nikkei Shimbun reported that according to data from Jones Lang LaSalle (JLL), the Greater Tokyo Area saw a 60% year-on-year increase in real estate investment, totaling $7.65 billion (approximately ¥1.2 trillion) from January to March 2024.  

This surge has propelled the GTA to the top spot globally, surpassing New York and London. 

The GTA consists of Tokyo, Saitama, Kanagawa and Chiba prefectures.

Tokyo skyline with Tokyo Tower perspective

This is the first time since early 2020 that the GTA has led global real estate investment.  

The end of the COVID-19 pandemic has spurred an increase in office building transactions.  

Major infrastructure companies, including leading railways and power utilities, were particularly active in their investments.  

Additionally, pension funds and life insurance companies are increasingly investing in real estate, indicating strong market confidence. 

Manabu Taniguchi, Senior Director at JLL, commented to the Nikkei Shimbun, "While inflation is driving expectations of rising interest rates globally, Japan’s rates remain comparatively low." 

As high interest rates in Western countries have slowed real estate investment there, funds are flowing into Japan's more stable, low-interest-rate market. 

Japan's overall real estate investment rose by 29% to $11.49 billion. In contrast, global real estate investment fell by 6% to $135 billion, as high interest rates and recession fears in Europe and the U.S. continue to hinder recovery. 


Nikkei Shimbun (Japanese only; paywalled) 


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