Savills

Publication

Nagoya Residential Markets October 2021

Demographic trends underpin the market

 

  • Nagoya's residential market is supported by stable demographic trends.
  • Although the pandemic has halted rental growth, the adverse impact has been relatively limited thus far.
  • Net-migration became positive after 2000, with the migration from other parts of Aichi increasing.
  • Net-migration generally increases during economic upturns, although the outflow to Greater Tokyo partially offsets this.
  • The quality of Aichi's higher education institutions helps to attract and retain young people, which eventually translates to a steady talent pool for companies in the area.
  • Station-front neighbourhoods have generally exhibited stronger population growth than other submarkets in Nagoya.
  • The redevelopment projects taking place across the city will continue to enhance Nagoya's city infrastructure and attractiveness going forward. 

As a regional hub, Nagoya attracts and retains people, which in turn supports demand for the city's residential market. While the population growth in Nagoya is moderate, some submarkets have exhibited stronger growth than others. Furthermore, ongoing redevelopment should further enhance Nagoya's attractiveness. 

Savills Research & Consultancy
Map 1

GRAPH 1 | Nagoya City Migration Flows, 2020