Japan’s residential property growth is slowing, amidst falling demand and weakening construction activity. During the third quarter of 2023, the nationwide residential property price index rose by a modest 2.4% from a year earlier, a slowdown from y-o-y increases of 4.8% in Q2 and 4.1% in Q1, according to the Land Institute of Japan. However, when adjusted for inflation, prices declined slightly by 0.6% y-o-y in Q3 2023.