"Tokyo’s ultra-luxury residential market has seen heightened interest, especially with the successful launch of multiple developments over the past few years. Due to limited supply and stock, units that originally struggled to gain traction now fare well, while popular units have seen significant price increments against original sales prices. Demand for ultra-luxury residences should remain high on the back of a growing number of UHNWIs in Japan and the Asia Pacific region. Given the limited supply towards 2030, this market is expected to remain strong and will be ready to welcome major developments in years to come."

"Cautious positivity in the sales market, but development continues slump"

"As investors establish funds for the rental housing market and potential investors explore new opportunities, the sector is expected to see increased activity."

"Osaka has continued to perform well, particularly given its growing economy and strong net migration. Rental growth continues in earnest, with central wards seeing the strongest gains, while prices in the for-sale market continue to hit new highs due to firm demand and supply bottlenecks. Major upscale projects have transformed central areas and helped the luxury market to flourish. Meanwhile, inbound tourism demand has grown rapidly, and iconic projects such as Expo 2025 and Japan’s first Integrated Resort should bring a wide positive economic windfall, and strengthen residential markets in Osaka overall."

"Activity improves and prices rise, but development remains challenging"

"Activity in London’s £5 million-plus market foregrounded by Budget concerns"

"As the rate of rental growth continues to slow across the prime markets, greater alignment on rental expectations will be essential, especially as the market faces changes from the upcoming Renters’ Rights Bill"