RESEARCH • September 2022

Forever young?

Homing in on internal migration in Greater Tokyo multifamily market 

The credentials of the Japanese multifamily sector are well documented by now and need no further elaboration. On average, Greater Tokyo1 accounts for more than 70% of overall multifamily transaction volumes in Japan annually. This speaks volumes about the city’s appeal and the depth of liquidity.


In this commentary, we turn our attention to the internal migration2 situation in Tokyo. Tokyo’s migration trend, like the title of Bob Dylan’s 1974 song, has been Forever Young. We have seen a very persistent migration behaviour in the younger cohort who are ambitious and continue to chase their dreams in the city of neon lights and opportunities.

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1. The Greater Tokyo Area is a large metropolitan area in Japan consisting of the prefectures of Tokyo, Chiba, Kanagawa, and Saitama

2. Internal migration refers to the movement of people across the boundary of local municipalities (including ku of ordinance-designated cities). It excludes persons who move within the boundary of a local municipality or whose previous addresses were unknown.




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