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  • Writer's pictureAdam German

39 years is the average age of a new condo buyer in Greater Tokyo

On March 15th, Recruit Sumai Company released the results of their 2023 Greater Tokyo Area (GTA) New Condominium Buyer Trends Survey.  


Conducted annually since 2001, the survey targeted purchasers of newly built condos in the GTA from January to December 2023, with 4,934 responses collected from a survey conducted online. 


The average age of household heads was 39.2 years old, a decrease of 0.5 years compared to 2022, marking the second highest since the survey's inception.


Japanese couple signing a real estate contract
A common scene in the offices of Japanese condo developers.

Among them, buyers in their thirties accounted for just under half at 47.8%, and within that subset those aged 34 and under increased slightly to 43.6%.

 

Looking at life stages, the average age of households of couples with no kids was the lowest at 33.3 years of age. 


In terms of household attributes among buyers, "households with children" accounted for 35% of respondents, followed by "couples without children" at 30.9%, and "single occupier households" at 19.1%.

 

Since 2001, 2023’s proportion of "households with children" has been the lowest, while the proportion of "single occupier households" has been the highest. 


The average annual household income reached ¥10.57 million, an increase of ¥230,000 compared to the previous year and the highest since 2008.  


Married households with dual incomes reported an average household income of ¥11.26 million, while those without reported ¥10.52 million. 


The average condo purchase price rose to ¥60.33 million, an increase of ¥1.43 million, marking the highest since the start of the survey and the first time surpassing the ¥60 million mark.  


Purchases over ¥60 million accounted for 40.7%, while those between ¥50 million and ¥60 million accounted for 23.2%.  

 

The top reason given for purchasing was "wanting to own a home for children or family," at 36.1%, a 0.3-point increase from the previous year. "Wanting to own assets" reached a record high at 32.0%, increasing by 1.6 points, while "low interest rates" decreased to 12.4%, reaching a record low. 


Further reading: 

2023 Greater Tokyo Area (GTA) New Condominium Buyer Trends Survey (Japanese only) 

20240315_housing_01
.pdf
Download PDF • 2.27MB

Source:  

R.E. Port News (Japanese only) 

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