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Hongkongers are returning to the Japanese property market after a two-year absence, taking advantage of a weakening yen, which is at a 20-year low against the US dollar.
“Inquiries for Japanese homes from Hongkongers have surged by up to 40 per cent this month,” said Anvy Cheung, chief executive of Sakura Global, which specialises in Japanese property. “In the past two years, most of them just stayed on the sidelines, adopting a wait-and-see approach [due to the pandemic].”
Most of the clients are looking for homes in Japan for investment or for holiday use, with budgets ranging from HK$1.5 million (US$192,000) to HK$2 million, she added.
The Japanese yen, which has fallen 12 per cent since January, may continue to weaken against the US dollar amid expectations the Bank of Japan will lag its peers such as the US Federal Reserve in normalising monetary policy.
As the Hong Kong dollar is pegged to the US currency, the yen’s steep devaluation makes property investment more attractive to investors from the city. The easing of travel regulations, which were introduced at the start of the pandemic two years ago, has also boosted investors’ confidence.
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