What 100 Million Yen Buys in Tokyo: 102 Square Metres in Minato, Now 66 in the Suburbs
- Twenty-five years ago 100 million yen bought 102 square metres in Minato ward; today it buys 66 square metres outside the 23 wards.
- Floor space shrank by more than a third, implying a roughly 55% rise in price per square metre.
- 6,772 new apartments priced above 100 million yen were supplied in greater Tokyo in 2025.
- Construction, land and labour costs plus ultra-cheap mortgages underpin the price level.
- Buyers have shifted from the wealthy to dual-income households sensitive to monthly payments.
A quarter century ago, 100 million yen bought 102 square metres in Tokyo's Minato ward. Today it buys 66 square metres outside the 23 wards. At current exchange rates that is roughly NT$20 million, and the comparison tells Taiwanese buyers more than any price index.
Unpack it. Floor space falls by more than a third, so the price per square metre has risen roughly 55% — before accounting for the move from central Minato to the outer suburbs, which costs commuting time, school catchment and resale liquidity. Supply tells the other half of the story: 6,772 new apartments priced above 100 million yen were supplied in the greater Tokyo area in 2025. The oku-shon is no longer a rarity but a mainstream product aimed at dual-income households.
Unlike the bubble era, this cycle is driven by construction costs, land and labour inflation plus ultra-cheap mortgages. A large share of the price support is borrowed money rather than higher incomes.
That matters now. If the Bank of Japan follows July's intervention with hikes, floating mortgage rates rise and the outer-ward high-price band — where buyers are most sensitive to monthly payments — softens first. Foreign buyers face no ownership restrictions in Japan but much tougher financing, and for Taiwanese purchasers the exchange rate is a second profit-and-loss statement running alongside the property itself.
