Survey Shows Tokyo Condos Becoming Smaller and More Expensive

In 2021, around 60% of new condominium units sold in the Tokyo metropolitan area were priced at ¥50 million or higher. This is the finding of the latest survey by Recruit, which has been conducting an annual poll of condominium purchasers since 2001. The breakdown for price ranges of units purchased shows that 22% were between ¥50 million and ¥60 million, while 36% were ¥60 million or higher. Survey results show that the proportion of condominiums priced at ¥50 million or higher has increased significantly since 2015.

The average condominium price in 2021 was ¥57.1 million, the highest level since the survey was first conducted in 2001. One factor driving up prices is that households with a total annual income of ¥10 million or higher accounted for 64% of those who purchased a condominium priced at ¥60 million or more. The average condominium price among such households was ¥69.4 million.

Meanwhile, the average floor space of condominium units in 2021 was 66.0 square meters, which is the smallest size since the survey was first conducted. The proportion of units under 70 square meters was 48%, as compared to just 23% in 2001, reflecting the ongoing trend toward smaller living spaces.

The survey, which was conducted via various online media, targeted purchases of new condominium units in Tokyo, Kanagawa, Saitama, and Chiba Prefectures, as well as condominium sales contractors. In 2021, the sample group for the survey totaled 7,289 condominium units.

(Translated from Japanese. Banner photo © Pixta.)