Feb 11, 2023 – The number of real estate transactions in 2023, compiled by Nikkei Real Estate Market Report, increased by 6% year-on-year to 1,556, and the total sales volume, based on revealed prices, climbed 4% year-on-year to 3,572.4 billion yen (US$24 billion) A year earlier, transaction volume saw a 12% year-on-year decrease.
Hotel transactions saw the sharpest increase, rising 128% year-on-year to 470.7 billion yen, the highest volume in 20 years. Transaction volume in the retail sector was 623.5 billion yen, up 161% from the previous year. The office sector saw negative performance, with overall sales transactions falling 38% from the previous year to 865.5 billion yen ($5.8 billion). Office sales had dropped below 1 trillion yen for the first time since 2012, when the Great East Japan Earthquake caused massive property damage.
The volume› of property acquisitions by REITs was 1,071.1 billion yen, the second lowest level in the past decade.
