內外需求轉強，豪宅旭「日」東昇 自 30 多年前的房地產泡沫破裂以來，日本經濟長期處於低迷。然而，今年以來，日本從股市、房市、日圓等，都是投資圈的鎂光燈焦點。投資大亨華倫·巴菲特（ Warren Buffett ）去年訪日引起旋風，連帶吸引國際資金湧入。近年的日本房地產更是表現亮眼，根據日本土地研究所（ Japan Land Institute ）的數據顯示，日本全國住宅價格指數已連續 4 年上漲，去年漲幅達到 7.5％。 東京：高檔豪宅需求攀升 今年以來，日本主要城市的住宅價格增長更加明顯。首都東京一直是日本房地產市場的核心，根據房地產經濟研究所（ The Real Estate Economic Institute ）的數據，2023 年上半年，東京市中心新公寓的平均價格上漲了 60％，刷新近 50 年來的歷史新高。 東京土地成本價格攀升，讓日本建商積極獵地，考量建材成本與人力成本提升，新建案規劃多朝向高總價豪宅為主流，推升東京高端公寓房價居高不下。 京都：歷史與繁華交匯的綠洲 與東京類似，京都也經歷了引人注目的房價上升。京都一直以其豐富的歷史和文化遺產聞名，吸引大量遊客與投資者注目。京都的豪宅市場與主要觀光區域漲幅最為明顯，日本不動産經濟研究所指出，京都市的新建住宅大樓價格，在 2021-2022 年期間，皆成長 4 成之多。 許多國際買家則指名京都車站周圍與觀光客眾多的四條地區、清水寺等地，甚至不惜斥資數億日圓購買京都市中心高價住宅。 國際買家的熱情 受惠近年日圓貶值效應助攻，富裕的國際買家紛紛將目光投向日本，認為其房地產市場仍有潛力。與亞洲主要城市例如中國上海、北京、香港、新加坡等地相比，日本房價相對有競爭力，且擁有穩定的租金報酬率，也是日本房市受到親睞的原因。許多國際買家普遍認為日本房產價格處於相對「被低估」的狀態。 不僅國際買盤旺，京都的房地產市場還受到國內購房需求的推動，例如許多居住在京都以外的企業董事、醫療從業者等，也正在京都尋找第二住宅或希望返回京都居住。 日本主要城市房價響起漲聲，許多年輕人因而往二、三線城市尋找更實惠的住宅，為避免青壯人口大量外流，京都市政府計劃在 2026 年度引入一項「空屋稅」，這項稅收將針對閒置未被使用的房屋徵收，藉以鼓勵屋主出售或出租，讓有意在當地居住的民眾有其居所。 此外，因應京都住宅供給量不足，京都市政府也調整法規，於 2007 年頒布的法規規定，建築物最高高度限制為 31 米，大約為 10 層住宅，造成住宅供給量跟不上需求，導致居民人口外流。京都市政府因而在 2021 年做出調整方針，取消部分地區的 31 米高度限制、放寬容積率等，提升住宅供給量。政府接連釋出善舉，讓居民能留在京都刺激當地經濟產能與消費力，形成正向循環。 沈寂多年的日本，在觀光人口回流、房市、日股與日圓的激勵下，整體經濟表現穩健，也讓更多國際買家增加在日本置產的信心，得以享受獨特的日本文化與舒適的生活環境。如同旭日東升的暖陽，未來日本房市發展相當令市場期待。           Rising Domestic and International Demand Illuminates Japan's Luxury Real Estate Market Since the real estate bubble burst over 30 years ago, the Japanese economy has been in a prolonged slump. However, this year Japan has been in the spotlight for investors, focusing on the stock market, real estate market, and the Yen currency. The visit of investment mogul, Warren Buffett, to Japan last year created a stir and attracted international funds. Japanese real estate, in recent years, has shown impressive performance. According to the data from the Japan Land Institute, Japan's national residential price index has been rising continuously for four years, with a 7.5% increase last year. Tokyo: Rising Demand for High-End Homes This year, residential prices in major Japanese cities have grown significantly. Tokyo, the capital city, has always been the core of the Japanese real estate market. According to the data from The Real Estate Economic Institute, in the first half of 2023, the average price of new apartments in central Tokyo rose by 60%, reaching a historic record not seen in nearly 50 years. The rising land cost in Tokyo has prompted Japanese developers to acquire land actively. Considering the increasing costs of building materials and labor, new developments primarily focus on high-end luxury homes, which has increased the prices of high-end apartments in Tokyo. Kyoto: Oasis Where History Meets Prosperity Similar to Tokyo, Kyoto has also experienced remarkable increases in property prices. Kyoto is renowned for its rich history and cultural heritage, attracting tourists and investors. The luxury housing market in Kyoto, especially in the main tourist areas, has seen the most significant price increases. The Japan Real Estate Economic Research Institute notes that the prices of new residential buildings in Kyoto City grew by as much as 40% in the two years from 2021 to 2022. Many international buyers have shown interest in areas around Kyoto Station and popular tourist spots like Gion and Kiyomizu Temple. These buyers are often willing to spend hundreds of millions of yen to purchase high-priced residences in the heart of Kyoto. Enthusiasm of International Buyers Benefiting from the recent depreciation of the Japanese Yen, affluent international buyers have turned their attention to Japan, believing that its real estate market still holds potential. Compared to major Asian cities like Shanghai, Beijing, Hong Kong, and Singapore, Japanese property prices are relatively competitive, with stable rental yields, making the Japanese real estate market attractive. Many international buyers consider Japanese property prices relatively " undervalued. " Not only is there a strong presence of international buyers, but Kyoto's real estate market is also driven by domestic demand. Executives of companies and medical professionals living outside of Kyoto are also seeking second homes or considering returning to live in Kyoto. With major cities in Japan seeing rising property prices, many young individuals are looking for more affordable housing in second and third-tier cities. The Kyoto city government plans to introduce a " vacant property tax " in the 2026 fiscal year to prevent a massive outflow of the young and working-age population. This tax will target unused and vacant properties, encouraging property owners to sell or lease their properties out providing housing for those interested in living in the area. Furthermore, in response to the shortage of housing supply in Kyoto, the city government has adjusted regulations. In 2007, the city regulations limited building heights to 31 meters, roughly equivalent to 10-story buildings, leading to a shortfall in housing supply and population outflow. In 2021, the Kyoto city government revised its policy by lifting the 31-meter height limit in certain areas and increasing floor area ratios to grow housing supply. These government initiatives enable more residents to stay in Kyoto, stimulating local economic development, thus creating a positive cycle. After years of stagnation, Japan is experiencing a resurgence with the return of tourists, a thriving real estate market, and a boost in the Japanese stock market and Yen currency. The overall economic performance in Japan is stable, instilling confidence in more international buyers to invest in the country and enjoy its unique culture and comfortable living environment. Like the rising sun, the future of the Japanese real estate market holds great promise.