Finding a large apartment to buy in Tokyo can be a lot more challenging than many foreign buyers may initially realize. This is due to the fact that the majority of Japanese developers focus on building smaller apartments to cater to domestic demand. A typical three bedroom apartment for a Japanese family would be around 70 sqm (753 sq.ft).
According to Tokyo Kantei, only 0.9% of the new apartments supplied across greater Tokyo in 2017 were over 100 sqm (1,076 sq.ft) in size, up 0.1 points from 2016 but down 0.5 points from 2015.
90.3% of the apartments were under 80 sqm (861 sq.ft) in size.
For apartments listed on the re-sale market in 2017, 3.9% were over 100 sqm in size, down 0.2 points from 2016 and down 0.6 points from 2015. 83.5% were under 80 sqm in size.
The average size for a brand new apartment in 2017 was 63.24 sqm (680 sq.ft), and 60.11 sqm (647 sq.ft) for an existing apartment. The average price of a new apartment across greater Tokyo was 877,000 Yen/sqm, up 5.7% from 2016 and up 43.4% from the bottom in 2010. For existing apartments on the resale market, the average asking price in greater Tokyo was 542,000 Yen/sqm, up 2.9% from 2016 and up 29.2% from the bottom in 2013.
In Tokyo’s 23 wards, apartments over 100 sqm represent approximately 4% of re-sale listings, while those over 120 sqm (1,291 sq.ft) account for 2% and those over 150 sqm (1,614 sq.ft) represent just 0.9% of listings. In the central wards of Chiyoda, Chuo, Minato and Shibuya, where there is demand for luxury housing, apartments over 100 sqm represent 10% of all resale listings, while those over 150 sqm represent 2.3% of listings.
Apartments over 100 sqm are considered a luxury in Japan and tend to carry a premium price when compared to more compact-sized apartments. In Minato ward, the average price of an apartment over 100 sqm is around 1,750,000 Yen/sqm as at February 2018, about 45% higher than apartments under 80 sqm (861 sq.ft) in size.
Source: Tokyo Kantei, January 31, 2018.
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