According to the Real Estate Economic Institute’s report on the compact apartment market, smaller apartments are starting to account for a larger share of total supply. 

Source: Japan Property Central, The Real Estate Economic Institute

Compact apartments are defined as those with an internal floor area of 30 ~ 50 sqm (323 ~ 538 sq.ft). These apartments generally target singles and working couples. 

In 2018, a total of 3,237 brand new compact apartments were released for sale across greater Tokyo, representing 8.7% of all new apartments supplied in the year. The number of compact apartments increased by 20% from 2017, while the share increased by 1.2 points. This is the fourth year in a row to see an increase in the share of the total supply.

A little over 80% of these compact apartments were located in Tokyo’s 23 wards, accounting for 16.3% of the total supply. The highest supply was in Chuo-ku (355 units), Taito-ku (238 units), Koto-ku (216 units), and Shibuya-ku (204 units). 

The average price of a brand-new compact apartment in 2018 was 44,390,000 Yen, up 4.3% from 2017. In Tokyo’s 23 wards the average price was 46,450,000 Yen. In 2011, average prices were around the 30 million Yen range. The average price per square meter has increased by 36.3% between 2011 and 2018.

Source: Japan Property Central, The Real Estate Economic Institute

Source: Japan Property Central, The Real Estate Economic Institute, March 28, 2019.

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