# Will Japan's tourist visa fees, interest rate policy impact its booming property market?

- **Source:** EdgeProp Singapore
- **Published:** 2026-07-01T06:27:14.000Z
- **Author:** Cheryl Archibal
- **Original:** https://www.edgeprop.sg/property-news/will-japans-tourist-visa-fees-interest-rate-policy-impact-its-booming-property-market
- **Topics:** Government & Policy, Investment & Capital Markets, Regional Markets

## Featured rationale

Higher financing costs may temper leveraged investment demand, although cash-rich luxury buyers and the weak yen could continue supporting foreign purchases.

## AI summary

The Bank of Japan raised interest rates to 1% on June 16, narrowing the spread between property yields and borrowing costs for investors.

## Original article

With Japan imposing higher visa fees for tourists from July while moving away from an ultra-loose monetary policy, foreign investors must prepare themselves for both direct and indirect impacts on their real estate assets, according to agents and analysts.

There is a dearth of data on the total number of homes bought by non-residents in Japan, but agents said the two main reasons for purchasing were to either use them as a primary base while they explored the country’s tourist destinations, or as an investment to be rented out on short- and long-term leases.

For now, rising interest rates in Japan could have a bigger impact on investors, as it applies to individuals in the residential property sector as well as institutional investors in commercial real estate.

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The Bank of Japan (BOJ) raised interest rates to 1% on June 16, with analysts forecasting that a next round of increases may be in the offing in October due to inflation pressures.

Kohei Kawai, a research senior director at Colliers International Japan, said the BOJ’s effort to normalise its monetary policy by raising interest rates had narrowed the advantage of a wide yield gap — the spread between property yields and borrowing costs.

The tightening monetary policy also comes amid the government’s closer scrutiny of foreign investment in property.

Tokyo has rolled out measures that include “tightening of existing administrative processes [such as] the introduction of mandatory nationality registration at the time of property transfer, more rigorous identity verification, enhanced beneficial ownership disclosure and stricter transaction reporting requirements”, Kawai said.

"The effect is to make the process more burdensome rather than to close the door entirely."

The ruling Liberal Democratic Party, however, has proposed further restrictions on land purchases for foreign nationals.

A Japanese government survey in December identified 113,827 property transactions in the 12 months that started on April 1, 2024, in areas within 1km of a designated "critical facility", such as a military base for Japanese or US forces, a government building or key infrastructure, such as an airport, power plant, seaport, major road or rail bridge.

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It added that 3,498 of these properties, or about 3%, were bought by foreign individuals or organisations. The 1,744 parcels of land and 1,754 buildings were close to 583 sites listed as "monitored areas" or "special monitored areas" under a 2022 law.

Of these transactions, mainland Chinese bought 1,674 properties, the highest proportion, while 414 were purchased by Taiwan residents, 378 by South Koreans and 211 by Americans. The Mainichi newspaper reported that 1,558 of the transactions were for flats in Tokyo.

In 2025, Japan was the top real estate investment market in Asia Pacific, pulling in US$51.1 billion ($66.2 billion) in capital, according to US finance company MSCI.

Starting on July 1, visitors to Japan from 100 countries – including China, India and Vietnam – will have to pay a higher visa fee, the first fee hike since 1978. Single-entry visa fees will increase to JPY15,000 ($119) from JPY3,000, while multi-entry visas will be up to JPY30,000 from JPY6,000.

"The higher visa fee will certainly have some impact on tourists," said Kingston Lai, founder and CEO of Hong Kong-headquartered Asia Bankers Club, a direct investor sales company. However, he noted the overall impact could be limited.

Lai estimated that 80% of his group’s clients who bought property in Japan did so for investment purposes.

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The rate impact could affect Chinese tourists and investors the most, he added, since they were one of the groups that required visas to enter Japan. Still, Japan was cheaper for many tourists in terms of accommodation, dining and shopping, given the weak yen.

But Kantaro Aoki, real estate adviser at List Sotheby’s International Realty Japan, said "most foreign buyers in the luxury segment do not rely on financing".

Aoki added that, "in fact, some international buyers may view the current environment as an attractive opportunity, particularly if slower domestic activity creates more favourable purchasing conditions".

Despite all these changes, Japan remained an attractive property investment destination, with foreign investors drawn to its stability, safety and strength in attracting tourists, according to analysts.

"There is no doubt that Japanese real estate remains highly sought after globally," Aoki said. "Overseas demand continues to be strong, and we have recently completed a number of transactions with clients from Southeast Asia, many involving budgets exceeding JPY1 billion."

The "persistent weakness" of the yen makes real estate investment in Japan more attractive as "Japanese assets are cheaper in US-dollar terms than they were a decade ago", Kawai of Colliers said.

"When benchmarked against comparable assets in other global gateway cities such as New York or London, Japan offers what many investors regard as a meaningful valuation discount for equivalent asset quality," he added.

The yen’s weakness made a compelling case to turn their "emotional connection" with Japan into a tangible investment for markets such as Hong Kong and Taiwan, according to Lai of Asia Bankers.

"For these investors, it is no longer just about visiting Japan. It is about owning a piece of it and securing a smart asset for the future," Lai added.

## Chinese translation

> Translation model: grok

### 日本上调游客签证费与利率政策，会冲击火热的楼市吗？

房产经纪与分析师称，外国投资者须为房地产资产的直接与间接影响做好准备

日本自7月起上调游客签证费，同时逐步退出超宽松货币政策。经纪与分析师指出，外国投资者须为其实地产资产的直接与间接影响做好准备。

日本非居民购房总数缺乏公开数据，但经纪表示，主要购买动机有二：或作为探索该国旅游目的地时的主要据点，或作为短租与长租投资。

眼下，日本利率上升对投资者影响可能更大，因其既适用于住宅领域的个人买家，也适用于商业地产的机构投资者。

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日本银行（BOJ）于6月16日将利率上调至1%，分析师预测，受通胀压力影响，下一轮加息或在10月出现。

高力国际日本研究高级总监Kohei Kawai表示，日本银行通过加息推动货币政策正常化，已收窄物业收益率与借贷成本之间的利差优势。

货币紧缩同时伴随政府对外国房地产投资更严格的审视。

Kawai称，东京已推出多项措施，包括“收紧现有行政流程，例如在物业转让时强制登记国籍、更严格的身份核验、加强受益所有权披露，以及更严的交易报告要求”。

“效果是让流程更繁琐，而非完全关闭大门。”

不过，执政的自民党已提议进一步限制外国人购地。

日本政府12月一项调查显示，自2024年4月1日起的12个月内，在指定“关键设施”1公里范围内——如日本或美军军事基地、政府建筑，或机场、电厂、海港、主干道或铁路桥等关键基础设施——共有113,827宗物业交易。

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其中3,498宗（约3%）由外国个人或机构购入。1,744幅土地与1,754栋建筑靠近根据2022年法律列为“监控区”或“特别监控区”的583处地点。

在这些交易中，中国大陆买家购入1,674处，占比最高；台湾居民414处、韩国人378处、美国人211处。《每日新闻》报道，其中1,558宗为东京公寓交易。

据美国金融公司MSCI数据，2025年日本为亚太区最大房地产投资市场，吸纳资本511亿美元（约662亿新元）。

自7月1日起，来自包括中国、印度与越南在内100个国家的访客须支付更高签证费，为1978年以来首次上调。单次入境签证费由3,000日元升至15,000日元（约119新元），多次入境签证由6,000日元升至最高30,000日元。

总部位于香港的直销投资者公司Asia Bankers Club创办人兼首席执行官Kingston Lai表示：“更高的签证费肯定会对游客产生一定影响。”但他指出，整体影响可能有限。

Lai估计，其集团客户中约80%在日本购房是为投资。

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他补充说，利率影响对中国游客与投资者冲击可能最大，因为他们是需签证入境日本的群体之一。不过，在日元疲软背景下，许多游客在住宿、餐饮与购物方面仍觉得日本更便宜。

但List苏富比国际房地产日本的房地产顾问Kantaro Aoki表示，“豪华板块多数外国买家并不依赖融资”。

Aoki补充道：“事实上，部分国际买家或将当前环境视为具吸引力的机会，尤其若国内交易放缓能创造更有利的购买条件。”

分析师称，尽管出现上述变化，日本仍是具吸引力的房地产投资目的地，外国投资者受其稳定、安全及吸引游客能力所吸引。

Aoki说：“毫无疑问，日本房地产在全球仍备受追捧。海外需求持续强劲，我们近期完成多笔与东南亚客户的交易，许多预算超过10亿日元。”

高力的Kawai表示，日元“持续疲软”使日本房地产投资更具吸引力，因为“以美元计价，日本资产比十年前更便宜”。

他补充道：“与纽约或伦敦等全球门户城市的可比资产对标时，日本在同等资产质量下提供许多投资者视为有意义的估值折让。”

Asia Bankers的Lai称，日元疲软为香港与台湾等市场将与日本的“情感联结”转化为实质投资提供了有力理由。

Lai补充道：“对这些投资者而言，已不再只是到访日本，而是拥有其中一角，并为未来锁定一项明智资产。”