1. The third largest city in Japan
Nagoya city is located in the center area of Japan, which is called Chubu region and it is the third largest economic city in Japan followed by Tokyo and Osaka.
The city is famous for its global huge manufacture industry.
The value of manufactured goods shipped from Aichi Prefecture, where Nagoya city is located, has remained the highest in Japan since 1977. The automobile industry, led by TOYOTA, generates demand for its parts, materials, and other related industries, which has a significant impact on the local economy as a whole.
Nagoya has thus developed into a world-class manufacturing center, and it is said that many entrepreneurs have moved to the city from all over Japan, and the population has been increasing for the last 15 consecutive years and expected to continue to grow.
2. Further leap forward in transportation accessibility at Nagoya Station with the opening of the Linear Central Shinkansen Line in 2027
Nagoya Station is easily accessible from Tokyo and the Osaka, Kyoto region by Shinkansen and expressways, and Central Japan International Airport (Centrair) opened in 2005. With a window to the world, Nagoya has a well-developed transportation infrastructure. In addition, Nagoya is looking ahead to the opening of the Linear Motor Central Shinkansen Line (Tokyo-Nagoya) in 2027. Nagoya City is planning a "Super Terminal City" concept to take advantage of the economic benefits of the Linear Motor Line, which is estimated to be worth 10 trillion yen, and has begun new urban development projects such as remodeling the underground shopping center to improve transit accessibility and strengthen disaster prevention. Today, Nagoya Station is connected to the JR, Meitetsu, Kintetsu, subway, and Aonami lines, making it an indispensable station for commuting to and from work and school, with 1.1 million passengers per day. The number of daily passengers is expected to increase sharply once the Linear Shinkansen, which will go underground, opens.
3. Property prices are still low compared to Tokyo and Osaka
Even though Nagoya is growing and expected to continue the growth with big development including Linear Motor Project, the property price of an existing apartment in Aichi Prefecture is less than half t of Tokyo. Looking at the average contracted price of around 70㎡ second hand apartment,
Tokyo costs JPY 68,420,000 whereas Nagoya is JPY 27,050,000. In that sense, initial amount required for the investment is much more friendly in Nagoya and also means can expect good yield ratio. It is a big advantage to be able to buy a property at a low price in a city where the population is increasing and have big potential with Linear Motor Project.
Many people from overseas pay more attention to Tokyo or Osaka but Nagoya is still more blue Ocean than those cities.
Average property price of second hand apartment (70㎡ ) in 3 majour cities in 2022.
Average property price of second hand apartment (70㎡ ) movement in 3 major cities
Hello, I am Ryota Hasegawa who writes this article. I lived in Singapore for the last 5 years and now I live in Nagoya city. Nagoya is the third largest economic city in Japan and have big potential to be further developed with linear motor project. If you are interested in the property in Nagoya, Aichi region, Please feel free to contact me any time. I am also supporting friends in Singapore who come to visit Japan for sightseeing as well. So I can also arrange the tour with sightseeing and property check together.
Jan 5, 2024