- The population of the Tokyo 23 Wards (23W) has continued to increase to new highs after a temporal dip during the pandemic.
- The Inner East, the Central 5 Wards (C5W), and the Inner North submarkets have seen the strongest population growth over the past few years.
- The number of foreign nationals in the Tokyo 23W has grown significantly and is projected to become a larger component of the population of the C5W and broader 23W.
- The C5W and 23W have seen a growing number of domestic migrants in the 20-to-29-year-old age band, and generally fewer in others, suggesting that this age band may play a greater role.
- The C5W and 23W have traditionally seen more female than male migrants, and this trend looks to continue.
- The supply of for-sale condominiums looks to remain subdued, which, on top of rising costs, has also contributed to their elevated prices.
- Conversely, the supply of rental units looks to remain steady. Migrants to the 23W are thus more likely to seek housing in the rental market.
Population in the 23W increasing and evolving
The population of the 23W has hit new highs and looks to continue increasing, especially in more central wards. At the same time, the composition of the population is evolving, and looks to gradually comprise a larger proportion of foreign nationals and younger migrants, and this trend is likely to support rental markets. Furthermore, the rental market in the 23W looks set to perform well due to elevated prices and the limited supply of for-sale units.
Savills Research & Consultancy