Weaker yen, Osaka casino bet spark Singapore property investors’ rush to Japan

Agents said buyers are snapping up residential units and tourist accommodation in Osaka, where a casino resort is expected to open in 2029

Inquiries from Singapore and Hong Kong have shot up since Japan reopened to visitors last October

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Boats sail along a river in the western Japan city of Osaka on July 25. Photo: Kyodo

Published: 11:09am, 27 Jul 2023

Singapore investors are snapping up Japanese real estate, lured by a weaker yen and the prospect of tourism-driven growth in the second-largest metropolitan area Osaka.

International property agent FM Investment said it’s seen a fivefold increase in inquiries since Japan opened its borders in October, with Singapore making up about 70 per cent of 800 requests between April and June alone, followed by Hong Kong. Second-quarter sales are double the volume of the whole of last year.

The yen has fallen about 8 per cent against the Singapore and Hong Kong dollar this year, increasing the purchasing power of property investors seeking bargains outside two of the most-expensive markets in the Asia-Pacific region. Agents say buyers are particularly attracted to Osaka, where the next World Expo will be hosted in 2025 and a multibillion casino resort is expected to open in 2029.

“The coming integrated resort is a real game changer,” said Jason Lam, co-founder and managing director of Japan Hana Real Estate, which has offices in Hong Kong, Tokyo and Osaka. He said sales have doubled since Japan reopened to tourists last October and inquiries from Singapore have tripled.

The World Expo, an international event held every five years, and the casino resort are expected to boost tourism and are fuelling demand for residential units and tourist accommodation, Lam added.

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