Singaporeans surpassed Hong Kong investors to be top buyers of Japanese properties, accounting for half of transactions at one investment firm.<\/b>
\nA combination of favourable conditions \u2013 a weak yen, tourism growth and attractive rental yields \u2013 is driving unprecedented Singaporean interest in Japan\u2019s property market.
Just a few years ago, FM Investment held sales events in Singapore for Japanese real estate once every couple of months. This year alone, the investment firm has organised at least 15 events for 12 boutique developments across Tokyo, Osaka, Nagoya and Kyoto.
Even more striking is that Singaporeans have displaced Hong Kong investors as the firm\u2019s largest buyer group, now accounting for half of all transactions \u2013 up from 30 per cent last year.
The numbers tell the story across the industry. Property seminar attendance has risen, with flats taken up on the spot.
A two-bedroom unit in Tokyo\u2019s Asakusa district was sold for under S$500,000 (US$386,000) at OrangeTee\u2019s first official Japanese property event last month.
Savills Singapore sold out all 60 units of a boutique Osaka development in July, with half going to Singapore-based buyers.
The yen\u2019s sustained weakness has significantly enhanced purchasing power for foreign buyers. At current exchange rates, one Singapore dollar is worth 117.6 yen \u2013 about 12 per cent more than three years ago, when Japan reopened its borders to international travellers.<\/p>\n