Buying an Apartment in Japan: The Complete 2026 Guide

What is a mansion in Japan? The vocabulary you need

The Japanese word manshon (from the English "mansion") is a false friend: it does not mean a stately home but a condominium apartment in a reinforced-concrete (RC) or steel-reinforced-concrete (SRC) building. It is the Japanese equivalent of a North American "condo". Do not confuse it with an apāto (アパート), a small 2-3 storey building with a wood or light-steel frame — cheaper, but less solid and less liquid.

Buying a mansion means acquiring a sectional ownership — in Japanese kubun shoyū (-ku分所有, ownership by unit) — governed by the Condominium Ownership Act, the kubun shoyū-hō (-ku分所有法). You become the lifelong owner of your private unit (senyū bubun, 専有部分) and of a share of the common areas (kyōyō bubun, 共用部分) and the land (shikichiken, terrain権, right to the site). As everywhere in Japan, this is freehold ownership: no time limit, unlike a ground lease.

Mansion, apāto or detached house: which type to choose?

Criterion	Manshon (concrete condo)	Apāto (small wood/steel block)	Kodate (detached house)
Structure	Reinforced concrete RC/SRC	Wood or light steel	Usually wood
Tax depreciation life	47 years	19-27 years	22 years (wood)
Monthly fees	Yes (management + reserve)	Low or none	None
Remote management	Easy (professional manager)	Moderate	Your responsibility
Liquidity (resale)	High	Moderate	Variable
Earthquake resistance	Excellent	Fair	Variable

For a first investment run from abroad, the mansion ticks the most boxes: a durable structure, remote rental management handled by the building manager, and easy resale thanks to a deep market. Before you sign, learn how to decode a Japanese property listing so you never confuse wall-centre area with net usable area.

New or second-hand apartment: which to choose in Japan?

The market splits between new-build (shinchiku, 新築) and second-hand (chūko, 中古). Unlike in many Western countries, a new Japanese apartment takes an immediate hit on delivery: a new unit is thought to lose 10-20% of its value the moment it is lived in, like a car leaving the dealership. Second-hand stock has already depreciated — that is where the value lies for an investor.

The 1981 line: the seismic red line

The single most important feature of a second-hand apartment is its construction age (chikunensū, chikunensū) relative to the earthquake code. A building permitted after June 1981 falls under the new seismic standard, shin-taishin (shin-taishin, new earthquake-resistance standard); before that it is the old standard, kyū-taishin (kyū-taishin), which is far riskier. We cover this crucial point in our article on the 1981 seismic standard. Golden rule: favour post-1981, or demand a seismic assessment (taishin shindan, taishin shindan) before buying anything older.

The price paradox: the index that doubled

According to the property price index of the Ministry of Land (MLIT, Kokudo Kōtsū-shō), the value of mansions has almost doubled since 2010 (base 100), driven by Tokyo, while detached houses and land have risen far less. In 2024 the average price of a new apartment in Tokyo's 23 wards crossed the symbolic ¥100M mark (≈ €670,000), according to the Real Estate Economic Institute (Fudōsan Keizai Kenkyūjo). Second-hand stock remains far more affordable: budget on average ¥45-50M (≈ €300,000-330,000) for a used mansion in Greater Tokyo, and often half that in Osaka. For the full picture, see our analysis of Japan property prices in 2026.

Condo fees: kanrihi and the reserve fund, the true cost

This is the line foreign buyers underestimate most. A mansion carries two compulsory monthly charges, collected by the building manager (kanri kaisha, kanri-gaisha) on behalf of the owners' association (kanri kumiai, kanri kumiai):

• Management fees — kanrihi (kanri-hi): day-to-day upkeep, cleaning, lifts, caretaker, common-area electricity.
• The repair reserve fund — shūzen tsumitatekin (shūzen tsumitatekin): a collective sinking fund for the major works (daikibo shūzen, 大規模修繕) that recur every 12-15 years: facade renewal, waterproofing, lifts.

MLIT publishes a reference guideline on how much the reserve should be: the recommended order of magnitude is around ¥200/m²/month. Beware: in many older buildings the fund was set too low at the outset and rises steeply with age — or triggers a special one-off assessment (ichijikin, 一時金) when works fall due.

Rough guide to monthly charges

Private floor area	Management (kanrihi)	Reserve (shūzenkin)	Indicative monthly total
25 m² (studio)	¥4,000-7,000	¥3,000-6,000	≈ ¥7,000-13,000 (≈ €45-85)
55 m² (1-bed)	¥9,000-16,000	¥7,000-14,000	≈ ¥16,000-30,000 (≈ €105-200)
80 m² (family)	¥14,000-24,000	¥11,000-22,000	≈ ¥25,000-46,000 (≈ €165-305)
Tower (per m²)	¥250-400/m²	¥200-400/m²	Markedly higher

These charges come on top of the annual property tax (koteishisanzei, kotei shisan-zei) and insurance. An abnormally low reserve is not good news: it means a catch-up is coming. A well-funded reserve, by contrast, is the sign of a soundly run building.

Due diligence: the 5 documents to demand before buying

Buying a mansion means, first of all, buying into a condominium association. A flawless apartment in a badly run building is a bad purchase. Before signing, demand and translate these documents — a point we develop in our Japan property purchase checklist.

1. The condominium status report — jūyō jikō chōsa hōkokusho (重要事項調査報告書): the master document. It shows the reserve-fund balance, the arrears owed by other owners (tainō, 滞納), and the works already voted.
2. The condominium rules — kanri kiyaku (kanri kiyaku): above all, check whether short-term rental is allowed (often banned), plus pets and subletting.
3. The long-term repair plan — chōki shūzen keikaku (chōki修繕計画): does the current fund cover the planned works? If not, a special assessment is coming.
4. General-meeting minutes — gijiroku (議事録): they reveal disputes, planned fee increases and the overall mood of the association.
5. The explanation of important matters — jūyō jikō setsumei (jūyō jikō setsumei): a legally required read-through by the agent before signing. See our dedicated article on the jūyō jikō setsumei.

These documents also expose any hidden defects and whether a warranty exists. Bilingual support is invaluable here — that is precisely the role of our buyer support service, which reads and translates every document for you.

Tower (tawā manshon) or ordinary building?

The tawā manshon (residential tower of 20 floors or more) is the dream: panoramic views, concierge, gym, prestigious Tokyo addresses. But it has a financial downside you must weigh before buying.

Criterion	Tower (tawā manshon)	Ordinary building (under 15 floors)
Price per m²	High (brand premium)	More reasonable
Monthly fees	Very high (pool, concierge)	Moderate
Major repairs	Costly and complex (high facade)	Simpler
Central-area liquidity	Excellent (international demand)	Good
Gross rental yield	Low (3-4%)	Often better (4-6%)
Short-term rental	Almost always banned	Sometimes allowed

Verdict: the tower is an excellent vehicle for capital preservation and resale in central districts — see our guides to investing in Tokyo and investing in Osaka. For yield, a well-located ordinary building with controlled fees often does better. Most important of all is proximity to a station (ideally a 10-minute walk): it is the number-one driver of value and rentability in Japan.

Budget and purchase costs: a worked example

Good news: in Japan acquisition costs are low and transparent — under 6% of the price in total, far less than in most Western markets. Take a concrete case: the cash purchase of a 55 m² second-hand mansion in Osaka for ¥30M (≈ €200,000), for long-term letting.

Item	Basis	Estimated amount
Purchase price	—	¥30,000,000 (≈ €200,000)
Agency commission	3% + ¥60,000 + tax	≈ ¥1,056,000
Registration + scrivener (shihō shoshi)	Title transfer	≈ ¥350,000
Acquisition tax (fudōsan shutokuzei)	Reduced base	≈ ¥150,000
Stamp duty + sundries	—	≈ ¥50,000
Total costs	≈ 5.4%	≈ ¥1,606,000 (≈ €10,700)

Total entry budget: about ¥31.6M (≈ €211,000). Let at ¥130,000/month, the apartment brings in ¥1,560,000 a year gross, a gross yield of ≈ 5.2%. After condo fees (≈ ¥22,000/month), property tax and management, the net yield lands around 3.5-4%. Model your own scenario with our yield simulator, and find the line-by-line breakdown in our guide to property purchase costs in Japan.

Loan or cash?

Let us be clear: a Japanese mortgage is only available to salaried residents of Japan with stable status. A non-resident buyer therefore pays cash, unless the deal is backed by local assets. We detail the rare options in our article on mortgages for foreigners. And remember: buying an apartment grants no visa — it is an investment, not a residence permit.

Letting your mansion: long-term or short-term?

Once you own it, two strategies are open to you. Long-term letting (a standard lease) is the simplest route from a distance: a stable tenant, management delegated to the building manager or an agency, and a steady net yield of 3.5-5%.

Short-term letting — minpaku (minpaku, Airbnb-style tourist rental) — is more profitable thanks to record tourism (42.7 million visitors in 2025), but hits two obstacles for a mansion:

• The condominium rules: the vast majority of kanri kiyaku ban minpaku outright. Check this BEFORE buying — it is a deal-breaker.
• The law: registered minpaku is capped at 180 nights a year under the jūtaku shukuhaku jigyō-hō (jūtaku shukuhaku jigyō法, Private Lodging Business Act). See our article on the 180-day minpaku licence.

Bottom line: for short-term letting, aim for a detached house or a whole building whose rules you control, rather than a unit in a condominium. For a mansion, long-term letting remains the winning choice. Browse hand-picked properties in Our gems, our curated selection of opportunities.

Common mistakes to avoid

• Ignoring the reserve fund's health. A starved shūzen tsumitatekin = a special assessment on the way. Look at the balance AND the repair plan, not just the apartment.
• Buying a pre-1981 building without an assessment. The kyū-taishin standard discounts the asset and complicates resale. Demand a taishin shindan.
• Confusing the floor areas. The listing often shows the "wall-centre" area (kabeshin, 壁芯), larger than the registry's net area (uchinori, 内法). Check which one is quoted.
• Assuming minpaku is allowed. It is banned in most condominiums. Read the kanri kiyaku before dreaming of Airbnb yields.
• Overlooking neighbours' arrears. High tainō weaken the whole association, and therefore your asset.
• Overpaying for a tower's brand. Prestige is paid for in fees that climb with age and eat into the yield.
• Forgetting resale tax. A resale within 5 years is heavily taxed: plan ahead for capital gains tax.

Conclusion: the mansion, the ideal entry point

Buying an apartment in Japan remains the safest and most liquid route for a foreign investor: a durable concrete structure, freehold for life, low costs under 6%, and remote management made easy by the building manager. The golden rule fits in one line: you are not buying an apartment, you are buying into a condominium. Study the reserve fund, the rules and the seismic age before falling for the flat itself.

To go further, read our complete guide to buying property in Japan, price your project with the simulator, and if you want an expert bilingual eye on a specific condominium, discover our personalised support and our past projects.

Frequently asked questions

What does mansion mean in Japan?

In Japan a manshon is a condominium apartment in a reinforced-concrete building, not a luxury house. It is the equivalent of a "condo". A small wood or light-steel building is called an apāto (アパート).

Can a foreigner buy an apartment in Japan?

Yes, with no restriction on nationality or residence. You become the freehold owner for life. However, the purchase grants no visa, and a non-resident generally buys in cash.

What are the monthly fees on a Japanese apartment?

Two monthly charges: management fees (kanrihi) and the repair reserve fund (shūzen tsumitatekin). For a 55 m² unit, expect roughly ¥16,000-30,000 a month in total, plus the annual property tax.

Is it better to buy new or second-hand in Japan?

For an investor, second-hand (chūko) offers more value: a new unit loses 10-20% on delivery. Favour a building constructed after 1981 (new seismic standard), well located near a station.

Can you run Airbnb in a mansion in Japan?

Rarely. The vast majority of condominium rules (kanri kiyaku) ban minpaku. Even where allowed, it is capped at 180 nights a year. Check the rules before you buy.

What yield can you get from an apartment in Japan?

For long-term letting, expect a gross yield of 4-6% in the regions and 3-4% in central Tokyo, i.e. a net of about 3.5-4.5% after fees, property tax and management.

Which documents should you check before buying a condominium?

The condominium status report (jūyō jikō chōsa hōkokusho), the rules (kanri kiyaku), the long-term repair plan, the general-meeting minutes and the explanation of important matters (jūyō jikō setsumei).

Can you get a loan to buy an apartment in Japan?

Japanese mortgages are reserved for salaried residents of Japan with stable status. A non-resident buys in cash, unless the deal is backed by local assets or a local company.