GLOPRAGlobal Property Radar

Japan housing starts fall 2.7% in September 2026

Japan started 61,826 homes in September, down 2.7% on the year, with condominium starts down 21.2% — a thinner future supply for buyers and landlords.

The facts

  • Housing starts totalled 61,826 units in September 2026, -2.7% against September 2025, in the building starts statistics the Japanese transport ministry published on 30 October 2026.
  • Rental housing, the largest category, fell to 28,046 units, down 1.6% on the year; owner-occupied starts came in at 17,648 units, down 3.4%.
  • Built-for-sale housing dropped to 15,688 units, down 4.5%, split between 4,825 condominium units, down 21.2%, and 10,687 detached houses, up 6.1%.
  • Employer-provided housing was the only rising category, at 444 units, up 18.4%.
  • Residential floor area fell 3.2% to 4,729 thousand square metres, and the seasonally adjusted annual rate stood at 714 thousand units, 5.2% below August.

What it means for your money

  • Supply is shrinking in almost every type. That supports rents, but leaves a buyer less new stock to choose from.
  • Glopra's data put the Japanese city-centre apartment price at 5,397 dollars per square metre, and the 21.2% fall in condominium starts hits the segment most foreign buyers enter, so there is little new supply pressing down on that entry price.
  • For someone who already lets a Japanese flat, a second month of falling rental starts means fewer competing new units reaching the market — the rental-income side of the same figure.
  • The 6.1% rise in detached built-for-sale houses runs the other way: in that segment choice is widening, and resale liquidity with it.

What to watch

  • October data is scheduled for 30 November 2026, and the annualised monthly rate swings sharply, so one month is not a direction.
  • Condominium starts are lumpy, because a single large project moves the total; the 21.2% drop needs a second month before it reads as a supply shift.

Sources: MLIT Japan https://www.mlit.go.jp/report/press/content/kencha809.pdf

Market data: Tokyo · Japan · Kyoto · Osaka