2026 Tokyo core asset white paper

Six perspectives on investing in Tokyo

Explore market, area, cash flow and risk, with guidance on overseas purchase, ownership and sale. Check the scope and assumptions when using this guide.

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Distinguish market figures, illustrative models and future assumptions in the PDF. Future price assumptions and cross-market comparisons do not guarantee investment outcomes.

01

Market movement

Read prices, rents, occupancy and interest rates separately. Do not apply averages directly to a property’s return.

02

Area & liquidity

Central, southern, eastern and northern areas offer different price/income trade-offs. Review stations, daily life, management and potential resale buyers.

03

Cash flow & purchase costs

Deduct vacancy loss, management, reserves, taxes and insurance from rent, then account for debt service. Set aside purchase costs and a cash reserve.

04

Building & hazard risk

Review earthquake standards, long-term repairs, reserve funds and repair history. Check flood and liquefaction risk for the specific location on official maps.

05

Cross-border procedures

Prepare identity and address evidence, translation, notarization and remittance around the contract schedule. Remote or representative-based steps depend on the transaction.

06

Ownership & exit

Define who handles letting, collection, repairs, reporting and tax. Include sale costs and outstanding debt when comparing continued ownership with sale.

From headline yield to cash flow after debt service

Annual rent

−Vacancy loss

−Operating costs

−Annual debt service

=Cash flow after debt

Income tax, sale tax and currency gains/losses need separate review. Gross yield uses annual rent divided by price; total-investment yield also includes purchase costs in the denominator.

01

Purchase & ownership cash flow

02

Sell or continue holding

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