Published on and written by Cyril Jarnias
Japanese real estate is at a pivotal moment. Prices at historic highs, a weakened yen, an influx of foreign capital, gradual rate hikes, and new transparency rules in 2026: for a French investor, the landscape is attractive but more technical than it appears. Understanding where, how, and under what conditions to enter this market has become essential.
This article provides a complete, practical analysis for a French audience: evolution of the Japanese market, strengths and risks, key cities (Tokyo, Osaka, Fukuoka, Hokkaido, Okinawa), rental yield, taxation, actual holding costs, financing, impact of the yen/euro exchange rate, and new reporting obligations to comply with.
The 2026 Context: An Expensive Market… but Driven by Foreign Capital
Japan enters the second half of 2026 in an unprecedented configuration: prices and investment volumes are at record levels, the Bank of Japan has ended negative rates and raised its key rate to 0.75% (a near-30-year high) while maintaining an accommodative bias, and the yen remains near multi-decade lows against the dollar and the euro.
The landscape is shaped by several converging forces. The first is the persistent weakness of the yen. In 2024, the average USD/JPY rate was around 151, peaking at 161 in July. As 2026 begins, the rate is still in the 150–160 yen per dollar range, a dramatic plunge from the 110–120 yen seen a few years earlier. For a foreign investor, this means the same amount in euros or dollars buys significantly more yen—therefore, mechanically, Japanese assets become “cheaper” in their original currency.
The share of investors in a net buyer position in the Asia-Pacific region rose from 13% to 17% in one year.
The third force is supply pressure. Average prices for new apartments in the Tokyo area reached 93.83 million yen, and 137.84 million yen in the 23 wards, a year-on-year increase of 18.5%, according to the Real Estate Economic Institute. Yet only 21,659 new homes were placed on the market in the region in 2025, the lowest level since records began in 1973 and the fourth consecutive year of decline. At the same time, housing starts are falling: between November 2025 and February 2026, residential starts posted consecutive declines, with -4.9% in February—the sharpest drop in several months.
Land prices in Japan rose an average of 2.8% as of January 1, 2026, the largest increase since 1992.
For a French investor, the message is clear: Japanese real estate has entered a rising cycle supported by supply scarcity, the post-Covid economic rebound, the weak yen, and the return of inflation around the 2% target over the medium term. Fitch still expects 3–4% price increases nationally in 2026, while Savills forecasts 4–5.9% growth in the prime residential segment in Tokyo after about +30% in 2025.
Property Rights Open to Foreigners, with “No Hidden Traps”
One of Japan’s structural strengths, often underestimated in France, is the legal simplicity of property access for foreigners. Unlike other Asian markets, there are no quotas, nationality restrictions, or residency requirements to purchase property.
A French national can acquire an apartment, a detached house, bare land, an income-producing building, or even an old country house (akiya), with full ownership rights identical to those of a Japanese citizen. No Japanese visa, residence permit, or naturalization is required. The Real Property Registration Act applies uniformly to all buyers.
This principle applies in the vast majority of the country. The only nuances involve:
– Agricultural land, which requires approval from the local agricultural committee;
– Certain sensitive areas near military bases or strategic infrastructure, where uses may be regulated or subject to declaration.
But even in these cases, we are talking more about usage rules than purchase bans. There is also no “golden visa” tied to property ownership: buying a property does not automatically grant a residence permit—an important point for a French person who might imagine settling in Japan simply by becoming a property owner.
This full openness remains in 2026, despite the entry into force of new transparency obligations whose scope must be carefully assessed.
New 2026 Rules: Greater Transparency, No Closure
Starting in April 2026, several regulatory adjustments affect foreign buyers, but without undermining the freedom to own.
The first new measure is the obligation to declare nationality when registering the property with the Legal Affairs Bureau (法務局). In practice, the buyer must provide a copy of their passport or residence card. This information feeds an internal database, managed primarily by the Ministry of Justice and the Digital Agency, allowing authorities to better track property flows.
Nationality is not mentioned in the public extract of the property registry, thus protecting privacy. It can never be used as a reason to accept or deny a registration.
The second new development directly concerns non-residents. Since April 1, 2026, any person considered a non-resident under the Foreign Exchange and Foreign Trade Act (FEFTA), whether foreign or Japanese, must file a declaration form (Form 22) with the Bank of Japan within 20 days of acquiring any real estate in Japan, regardless of its use (primary residence, rental, vacation home).
This declaration includes the property type, location, size, date, and purchase price. It serves statistical and macro-prudential monitoring purposes. Failure to file or a false declaration can theoretically lead to up to six months in prison or a 500,000 yen fine. In practice, most non-residents will rely on their lawyer, tax agent, or judicial scrivener to handle this formality.
These measures add to an already existing regulatory framework around certain sensitive areas (law on regulating land use around strategic facilities, control of corporate acquisitions by foreign investors via FEFTA). But again, this is primarily about reporting obligations and ex-post control, not prior screening of standard residential transactions.
To simplify, a French person buying a “standard” apartment in Tokyo, Osaka, or Fukuoka in 2026 retains exactly the same property rights as before, with just an additional layer of paperwork that must be understood and anticipated.
Where to Invest: Tokyo, Osaka, Fukuoka, Hokkaido, Okinawa
Geographically, Japan in 2026 is a highly polarized market. On one hand, major metropolises and certain international tourist hubs show record prices but also high liquidity. On the other hand, vast rural or suburban areas are emptying, with stagnant or declining values.
For a non-resident French investor, often seeking resale liquidity, creditworthy tenants, and simplified management, the trade-off is practically made between a few major hubs.
Tokyo: The Global Benchmark, Low Yield but Wealth Effect
Tokyo remains, for both funds and individuals, the reference market. CBRE ranks it number one for cross-border investments in Asia-Pacific for the seventh consecutive year, and international rankings regularly place it at the top of the world’s most attractive cities in terms of quality of life, “lovability,” and prosperity.
Recent figures are telling. The average price of a new apartment in the 23 wards reaches 137.84 million yen in 2025, with a year-on-year increase of 18.5% and over 20% per square meter. Overall, residential prices in Tokyo recorded a rise of 8.22%—the largest in 18 years—and new data for 2026 still shows +5.1% for new builds and +6.7% per square meter in the secondary market in early 2026.
This dynamism is concentrated in a few central wards like Minato, Chiyoda, Shibuya, Chuo, or Shinjuku, where official land prices and condominium prices far outpace the rest of the country. Large-scale redevelopment projects—Shibuya, the Takanawa Gateway area, Osaka Umeda on the Kansai side—continue to support demand and rents.
Gross yields on residential investments in central Tokyo range between 2.5% and 3.5%.
Detailed data confirms this trend: a studio in central Tokyo would sell for around $286,400 with rent of $795, yielding 3.33% gross; a one-bedroom around $518,000 with rent of $1,390, yielding 3.22%; a two-bedroom near $968,100 with rent of $2,080, yielding 2.58%.
On average, all of Tokyo shows about 3.6% gross yield, while some outer wards can reach 4.5–5% and more affordable areas like Adachi, Katsushika, or Edogawa can exceed 5%. But the further you move from the core, the more the issues of liquidity and vacancy risk come into play.
For a French investor prioritizing capital appreciation, legal security, ease of resale, and stable demand, Tokyo nonetheless remains the safe bet. Savills still anticipates a 4–5.9% rise in the prime segment in 2026, after a surge of about 30% in 2025, and Fitch targets 3–4% nationally. But you must accept low current yields, which, after fees, taxes, and management, often fall between 1.7% and 2.5% net.
Osaka: A Compromise Between Yield and Market Depth
Osaka offers a more balanced profile for a rental investor: the country’s second metropolitan market, it’s a vibrant large city with a solid economic base, prices still below Tokyo, and slightly higher yields.
Central districts saw land prices rise about 7% in 2025, and analysts still expect moderate increases in coming years. Rents remain attractive: a 1-bedroom typically rents between 80,000 and 130,000 yen per month, a 2-bedroom between 100,000 and 180,000 yen, a 3-bedroom between 130,000 and 200,000 yen, with gross yields generally between 3.5% and 5% depending on location and property type.
Osaka does not have the depth or international status of Tokyo, but it attracts more and more foreign investors looking for a compromise: a liquid urban market, solid rental demand, realistic entry prices, and appreciation potential linked to major infrastructure projects (line extensions, redevelopments, Osaka Expo, etc.).
Fukuoka: Rising Star with High Yields
Fukuoka is, in 2026, the big winner of capital reallocation toward secondary cities. It is one of the few Japanese cities gaining residents, with a positive net migration balance for several years, a dynamic start-up scene, and a strategic position on the Tokyo axis thanks to the direct Shinkansen line.
From an investor’s perspective, it combines three advantages: above-average yields, still reasonable acquisition prices, and demographic growth that reduces long-term vacancy risk. 2026 figures show gross yields of 7% to 10% for well-selected assets. To take a concrete example: a one-bedroom apartment of about 40 m², located 10 minutes from Hakata Station, trades between 15 and 25 million yen. The same property can rent for 60,000 to 85,000 yen per month.
This typical case can be illustrated in a table, staying within the given ranges:
| Parameter | Low Case | High Case |
|---|---|---|
| Purchase price (40 m², 1 bed, near Hakata) | ¥15,000,000 | ¥25,000,000 |
| Potential monthly rent | ¥60,000 | ¥85,000 |
| Annual rent | ¥720,000 | ¥1,020,000 |
| Approximate gross yield | ~4.8% | ~6.8% |
The research does mention gross yields of 7–10% on “well-selected” assets, which implies either a lower price per square meter (wooden apartment buildings, slightly less central neighborhoods) or optimized occupancy (shared housing, medium-term furnished rentals, etc.). Fukuoka is indeed cited as the city offering the highest yields in the country, with averages of 6–8% in some studies for rental investments.
For a French investor willing to accept a bit more management (a less “turnkey” market than Tokyo, need to carefully choose the neighborhood and manager), Fukuoka represents an excellent playground: relatively good liquidity, demographic growth, affordable prices, and a strong surge in foreign capital flows in 2026.
Hokkaido (Niseko, Rusutsu, Furano): The “Lifestyle” Investment That Has Already Skyrocketed
Hokkaido’s ski resorts, especially Niseko, Rusutsu, and Furano, have become the playground of international investors seeking alignment between lifestyle and yield. Since 2015, prices in Niseko have more than tripled (+200% or more), driven by a clientele primarily from Australia, Singapore, and Hong Kong.
High-end residences with integrated rental management, benefiting from strong seasonal demand and attractive yields
High-end lodges, chalets, and condos, often sold with an integrated rental management scheme.
Gross yields between 4% and 7%, with very high occupancy rates.
High traffic from December to March thanks to snowfall, complemented by growing summer demand for hiking and camping.
We are clearly in a niche market, highly dependent on international tourism and the purchasing power of high-end clientele. The rise in prices, particularly in resorts like Niseko or Hakuba, has been fueled by foreign demand more than by local fundamentals. In Hakuba, some areas have seen land prices surge over 30% in one year under this pressure.
For a French ski or mountain enthusiast, these markets offer an opportunity to acquire a property in a unique environment with a reasonable prospect of current yield, but they are not “core” markets for pure rental income. Ownership costs (taxes, management, reserve fund, snow removal, winter heating) can quickly eat into profitability, as we will see later.
Okinawa: Subtropical Paradise Very Active in Rentals
At the other extreme, Okinawa, Japan’s only subtropical region, attracts with its turquoise waters, coral reefs, and more relaxed atmosphere than the major metropolises. It is also one of the most liquid markets in terms of listings, with over 22,000 properties listed, leading all Japanese prefectures.
Rental potential is mainly linked to tourism (beach vacations) and medium-term rentals. The report does not provide detailed yield series, but the density of supply and the nature of demand suggest treating Okinawa as a hotel or para-hotel operating market, where management and compliance with short-term rental rules (minpaku, etc.) will be crucial.
For a French investor, this can be an interesting market to diversify a portfolio already exposed to one or two urban markets, provided you accept more operational complexity.
Rental Yields: What You Can Really Expect
Japan is not a double-digit gross yield Eldorado, especially in large cities. Consolidated studies show a national average gross yield around 4.2–4.3% in 2025, with significant variations by region, property type, and structure.
The aggregated data from the report allows for a fairly fine-grained overview.
General Orders of Magnitude
We can summarize average gross yields by major geographic area as follows:
| Area / Market type | Indicative gross yield range |
|---|---|
| Tokyo 23 wards (center) | 2–4% |
| Tokyo (overall, center + suburbs) | ≈ 3.5–4% |
| Osaka (center and near suburbs) | 3.5–5% |
| Kyoto (long-term) | 2–3% |
| Kyoto (authorized tourist rental) | 6–8% |
| Fukuoka (city, residential rental) | 6–8%, even up to 10% |
| Regions & secondary cities (general) | 4–8% |
| Wooden apartment buildings (national) | ≈ 8% |
| Wooden buildings in Tokyo | ≈ 7.3% |
| Condos in condominiums (Tokyo) | ≈ 6% (excluding prime) |
| Managed ski lodges in Hokkaido | 4–7% |
A recurring element in the research is the distinction between gross yield and net yield. A practical rule is that net yield represents about 55–70% of gross, after accounting for management fees, condominium fees, maintenance, insurance, taxes, and vacancy. In other words, a property showing a 5% gross yield will often translate to 2.8–3.5% net.
In Tokyo, a gross yield of 3% is considered acceptable in premium wards.
Rent Ranges by City
To get an idea of potential rental cash flows, the report provides typical monthly rent ranges for different apartment sizes in several cities:
| City | 1 bedroom (1LDK) | 2 bedrooms (2LDK) | 3 bedrooms (3LDK) |
|---|---|---|---|
| Tokyo | ¥120,000 – ¥160,000 | ¥170,000 – ¥240,000 | ¥220,000 – ¥300,000+ |
| Osaka | ¥80,000 – ¥130,000 | ¥100,000 – ¥180,000 | ¥130,000 – ¥200,000 |
| Kyoto | ¥70,000 – ¥120,000 | ¥100,000 – ¥160,000 | ¥140,000 – ¥200,000 |
| Fukuoka | ¥65,000 – ¥115,000 | ¥85,000 – ¥150,000 | ¥120,000 – ¥180,000 |
Compared to prices per square meter, these rents explain why central Tokyo offers low yield while Fukuoka or certain peripheral areas of Tokyo yield higher. For example, in Tokyo’s five central wards, the average market rent in mid-2024 reached 5,250 yen/m² (up 6.7% year-on-year) but on a price basis that exceeds one million yen per square meter for new builds, hence a contained yield.
Wooden structure buildings and small studios in the regions often offer gross yields of 7% to 8%, thanks to a lower acquisition cost combined with relatively high rents relative to price.
What Goal for a French Investor?
Most foreign investors target at least 4.5–5% gross yield on a standard rental investment. From this perspective, Tokyo’s 23 wards are, except in special cases, below the bar. Cities like Fukuoka, Nagoya, Sapporo, or certain suburbs of Osaka and Yokohama fit the profile better, as do some wooden apartment buildings in urban peripheries.
But yield is not everything: vacancy, quality of management, resale liquidity, and macro-economic resilience are also decisive. For a geographically distant investor, it is sometimes better to accept 3.3% gross in a very liquid Tokyo ward than a theoretical 8% in a small town with declining demographics where resale will be difficult.
Acquisition Costs: Budget 6% to 10% Above the Price
A classic trap for non-residents is to reason only on the “displayed” price in yen, without including the many ancillary costs. The report details the main items to anticipate for a purchase in Japan.
In 2026, a foreign investor should expect to bear generally between 6% and 10% in additional fees and taxes relative to the property price, before any renovation or furnishing.
Among the main items:
The main costs include an agency commission of about 3.3% of the price (formula: 3% + 60,000 yen plus consumption tax), stamp duty from 10,000 to 60,000 yen (reduced rates until March 2027), registration tax from 0.15% to 2% of the value (reduced rates for primary residences and land until March 2029), acquisition tax of 3% on residential properties (reverts to 4% for land after April 2024), judicial scrivener fees from 50,000 to 180,000 yen, and bank processing fees, mortgage fees, and group insurance if applicable.
In practice, on a 50 million yen apartment, a budget of 3 to 5 million yen in closing costs is reasonable, excluding renovations. The report gives a detailed example on a 30 million yen condo in Hakuba where the total of these costs reaches over 13% of the price, including certain insurance, management, and renovation costs specific to that market.
For a French person, it is essential to compare properties not only at the net seller price, but at the total “turnkey” cost expressed in euros, incorporating the exchange rate and these ancillary fees.
Annual Holding Costs: Surprisingly Moderate “Friction”
Unlike some Western countries, annual holding costs in Japan remain relatively contained. The research generally indicates total annual costs corresponding to 1.5–2.5% of the property value, all taxes and fees included, with peaks around 6% in specific contexts (ski resorts, high condominium fees, etc.).
The main components are as follows.
Fixed Asset and City Planning Taxes
The owner pays a fixed asset tax (kotei shisan zei) of about 1.4% of the assessed value (generally lower than market value), and a city planning tax (toshi keikaku zei) of up to 0.3%. In total, this is around 1.7% of assessed value per year.
Deductions exist for residential land (assessed value reduced to 1/6 or 1/3 depending on area) and for new constructions (50% reduction on the building portion for the first years). But a simple order of magnitude for a foreign investor is to aim for 1.7% of the assessed value, not the purchase price, which keeps the effective tax burden modest.
Condominium Fees, Management, and Reserve Fund
For condominiums (mansions), common area management fees and contributions to the large-scale repair reserve fund constitute a significant item. Recurring figures range from 10,000 to 30,000 yen per month for standard buildings, but can go up to 80,000 yen per month in luxury residences or those with many amenities (pool, concierge, etc.).
The annual large-scale repair reserve for a 30 million yen condo in Hakuba reaches 360,000 yen.
Insurance, Maintenance, Utilities
Fire insurance (kasai hoken) is generally mandatory when there is a mortgage, and often bundled with earthquake insurance (optional but strongly recommended in many regions). Annual costs are around 30,000 to 80,000 yen per year for the building, with a 50% to 100% surcharge to include seismic risk. Liability insurance added to the package typically costs 10,000 to 20,000 yen per year. For a 30 million yen property in Hakuba, the report recommends a total insurance budget of 100,000 to 150,000 yen per year.
For a house or small building, budget 1% of the property value per year for routine maintenance, and 2% to 3% in the first years for kominka or akiya. Electricity, gas, and water bills range from 10,000 to 30,000 yen per month, even when vacant, due to fixed fees.
For a standard, very “urban” apartment, the annual bill tax + condominium fees + insurance + reserve fund + maintenance often falls around 750,000 to 1,250,000 yen for a 50 million yen property, i.e., 1.5–2.5% of the value.
Example of a Mountain Condo
The report also illustrates how a ski resort property can incur specific costs. For a 30 million yen condo in Hakuba, a typical annual breakdown is as follows:
| Item | Approximate annual amount |
|---|---|
| Fixed asset tax | ¥420,000 |
| Management fees (¥25,000/month) | ¥300,000 |
| Large-scale repair reserve (¥30,000/month) | ¥360,000 |
| Insurance | ¥120,000 |
| Utilities (including vacant periods) | ¥400,000 |
| Maintenance/repairs | ¥300,000 |
| Total annual | ¥1,900,000 |
This total represents about 6.3% of the property value, a level significantly higher than the national average, notably due to condominium fees, the repair reserve, and costs specific to snow and heating. For such a project, a French investor must absolutely incorporate this “friction” into their business plan.
Financing: Possible but Demanding for a French Person
Legally, Japan does not limit access to mortgage credit to nationals only. In practice, however, most traditional banks require either Japanese nationality, long-term resident status with a renewable permit, or permanent residence (PR).
Major banks (MUFG, Mizuho, Resona) generally refuse housing loans to non-residents. Even foreign residents without permanent residence (PR) struggle to obtain credit unless they are married to a Japanese co-borrower. Conditions include a minimum annual income of 2 to 5 million yen (or even 10 million at PRIA) and stable employment for at least one year on a permanent contract (two years for self-employed).
For non-residents, the classic channel is cash transactions. Most foreign investors buy this way, either with equity or by financing from their home country (mortgage in France, foreign currency loan, refinancing of another property). Some specialized institutions (Tokyo Star Bank, Prestia/SMBC Trust, Shinsei, Suruga, private lenders like Yen Loans K.K.) have developed products for non-residents, but with stricter conditions: down payments of 30–50%, higher interest rates (3–5%), and tighter debt ceilings.
For a French investor in Japan, it is crucial to establish a financing plan from the start. This includes evaluating a local loan, your ability to contribute, options from France, and the real cost of leverage. With loan rates at 3–5% and moderate gross yields of 3–5%, leverage can become neutral or negative, warranting great caution.
Yen/Euro Exchange Rate: Opportunity and Major Risk
One of the major issues in 2026 for a French investor is the exchange rate movement. The yen’s weakness works in favor of new entrants today: with a rate around 155 yen to the dollar (and a 160–170 range against the euro in late 2025), the same amount in euros buys significantly more assets than in 2018–2019.
In 2016, UK real estate showed a +4% return in local currency, but once converted to yen, the return dropped to -16% due to exchange rate fluctuations.
For a French investor, you must therefore consider the reverse scenario: a locally underperforming investment saved in euros by a yen appreciation is not out of the question, and vice versa. The period between signing the preliminary agreement and the final deed is particularly delicate, because Japanese transactions do not include an “escrow” with a guaranteed exchange rate: payment is made in yen at the day’s rate. A 3–5% move in the yen can occur within days during authorities’ interventions, as in 2022, and can fluctuate the effective cost in euros.
The report proposes several strategies to manage currency risk: gradually convert your funds into yen before the transaction, use forward contracts to lock in the exchange rate, borrow in yen to align assets and liabilities in the same currency, and define a comfort zone beyond which to postpone the operation.
For a French person, the ideal is to calculate several scenarios in advance (e.g., with a yen at 170, 155, and 140 against the euro) to check the robustness of the project. If profitability collapses with a slightly stronger yen, it may be prudent to delay or hedge more systematically.
Taxation: What a French Resident Must Anticipate
As a non-resident in Japan but tax resident in France, a French investor is subject to a double layer of tax rules. On the Japanese side, they are taxed on income and capital gains from Japanese sources; on the French side, they must declare their worldwide income, including that from Japanese properties. The France-Japan tax treaty prevents double economic taxation.
For non-resident investors, 20.42% of gross rent is withheld at source by the tenant or manager. The investor can file an annual return through a tax agent to deduct expenses and, if applicable, recover part of this withholding.
In France, the same rents are taxable, but the tax credit provided by the treaty eliminates double taxation, up to the corresponding French tax. The mechanism used is imputation: France calculates tax on all worldwide income, then imputes a credit equal to the tax paid in Japan (limited to the French tax attributable to that income).
In Japan, capital gains are taxed at 39.63% (short-term, holding ≤ 5 years) or 20.315% (long-term, > 5 years). The holding period starts from January 1 following acquisition, often requiring six calendar years for the long-term rate. For non-residents, a withholding tax of 10.21% of the sale price is applied by the buyer, with subsequent adjustment.
In France, capital gains on foreign property are theoretically taxable, but the treaty grants Japan the primary right to tax real estate located in its territory. France avoids double taxation through a tax credit, using the same mechanism as for rents. In practice, guidance from a tax specialist knowledgeable about both systems is strongly recommended, especially as new features (better digitization of procedures, increased controls on non-residents) are being implemented on the Japanese side.
Why 2026 Remains an Interesting Window for a French Investor
Despite the gradual rise in Japanese rates (0.75% key rate, variable around 0.55–0.75%, 10-year fixed above 2%), Japanese real estate enters 2026 in a positive dynamic, with a risk of a “soft landing” rather than a classic bubble. Major firms (Fitch, Savills, CBRE, Mitsubishi UFJ Trust) expect the rise to continue, albeit at a more moderate pace than 2024–2025, but still supported in prime areas.
For a French investor thinking in terms of 7–10 years, several factors argue for entering the market in 2026:
The weak yen creates an attractive entry point with potential currency gains. Institutional capital strengthens market liquidity. Rental demand exceeds supply in the metropolises of Tokyo, Osaka, and Fukuoka, despite an unfavorable national demographic. Holding costs, though up 25–29% since 2021, remain lower than those in European metropolises. Finally, the new 2026 rules aim for transparency, not restricted access.
However, this is a market that no longer lends itself to amateurism. The choice of city, neighborhood, property type (studio, 1LDK–2LDK, wooden apartment building, managed condo, ski lodge, akiya to renovate), and operating model (long-term, medium-term, furnished rental) will determine actual performance. The exchange rate effect can amplify the gap between a good and a bad choice.
For a French beginner, the most prudent entry point is a small apartment (studio or 1LDK) near a major station in a growing city like Tokyo (excluding the most expensive wards), Osaka, or Fukuoka, managed by an experienced company with a foreign clientele. For a more sophisticated portfolio, combine a low-yield safe-haven asset in central Tokyo, a good-yield asset in Fukuoka, and possibly a lifestyle asset in a ski resort or Okinawa.
Whatever strategy is chosen, 2026 is a year where it is essential, for a French investor, to take the time to build a complete business plan: price in yen and euros, exchange rate scenarios, closing costs, gross and net yield, holding costs, Franco-Japanese taxation, financing, vacancy and resale risks. That is the price for investing in Japanese real estate in 2026 to become a solid and diversifying component of a well-structured global portfolio.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
