Japanese luxury real estate service "Modern Standard" has released the newest ranking report of 2023 about the most favorable location(s) chosen by affluent users with an annual salary over 10 million yen (about 75,800 USD and more). This is the first release of such a report released by Modern Standard along with the change of the service name from the previous service name of "RENOSY luxury real estate". "Modern Standard" platform is run by RENOSY PLUS Co., Ltd (Headquarters: Minato-Ku, Tokyo; CEO: Dai Higuchi) which is part of the GA technologies group under GA technologies Co., Ltd (Headquarters: Minato-Ku, Tokyo; CEO: Ryo Higuchi, security code: 3491; hereinafter referred to as the Company). The service targets wealthy class members looking for high-end properties in Japan. The report this time is based on the actual data provided by our users with the deals we have made in the past 1 year. You can find out not only the most popular location(s) among affluent investors but also the average annual salary of residents from the top 5 locations in Tokyo respectively.
Key Highlights
- The report is based on the year-round data of actual deals made by Modern Standard agents between customers with annual salary of over 10 million yen (about USD75,800 and more)
- Top 3 most favorable locations are as follows; Toyosu (Koto-Ku), Akasaka (Minato-Ku), Ebisu (Shibuya-Ku)
- The location with residents with the highest average annual salary is "Mita (Minato-Ku)", the average annual salary is 3,5820,000 yen (about 271,857 USD). Roppongi is the lowest with an average annual salary of 18,110,000 yen (about 137,446 USD)
The most favorable location(s) chosen by affluent Modern Standard users "Toyosu" boosts up for 15 places from last year and tops the list as No.1
The location that tops the list of 2023 is "Toyosu (Koto-Ku)''. It was only at the 16th place in last year's report and has jumped for 15 places and is the No1 most favorable location this year. This is also the very first time a location in Koto-Ku has been chosen by our wealthy class users. Toyosu has become a popular location among affluent (young) couples and families in recent years with the redevelopment of the area, especially the redevelopment and the construction of luxury high rise apartments targeting these people. For example, "BRANZ TOWER TOYOSU" listed on Modern Standard (RENOSY), a high-rise apartment with 48-story of layout that was built in 2021 is a popular choice for customers looking for luxury rental condos.
Akasaka is one place down and comes in second place this year. No 3 is Ebisu (Shibuya-Ku) which is 6 places up compared to last year. Ebisu is popular mostly among young singles who work in IT companies (engineers or other related positions for the most part). These IT companies are mostly scattered around Shibuya, which is quite close to Ebisu. One of the reasons for Ebisu to rank in this list is that the place attracts many young IT workers with good salary packages which boost up the need for rental apartments in this area and the average annual salary figure of Ebisu.
No 4 is Roppongi (Minato-Ku), No 5 is Mita (Minato-Ku), No 6 is Kachidoki (Chuo-Ku), No7 is Jingumae (Shibuya-Ku), and Nishi-Shinjuku (Shinjuku-Ku) listed in as No 9. Nishi-Shinjuku, Akasaka (No 2) and Ebisu (No 3) are the three locations that have been in the top 10 for 3 years in a roll （※1）
1: The reports were released by the name of "RENOSY" for 2021 and 2022.
Please visit the following link for 2021's report: https://www.ga-tech.co.jp/news/8825/
Please visit the following link for 2022' s report: https://special.renosy.com/sumitaimachi_ranking/2022/
Residents of Mita (Minato-Ku) has the highest average annual salary of 35,820,000 yen (about 271,857 USD) on this list
Here is a short list of the average annual salary of the top 5 locations in Tokyo.
- Mita (Minato-Ku): 35,820,000 yen (about 271,857 USD)
- Akasaka (Minato-Ku): 3,1990000 yen (about 240,267 USD)
- Toyosu (Koto-Ku): 2,0870000 yen (156,748 USD)
- Ebisu (Shibuya-Ku): 1,9930000 yen (149,688 USD)
- Roppongi (Minato-Ku): 1,8110000 yen (136,018 USD)
From the highest to the lowest figures
The full report with details of the residents' occupations pie charts of each location can be found on Modern Standard's website. For example, for Mita, the location with the highest average annual salary figure, most of the residents there are entrepreneurs themselves or work in a foreign-owned financial corporations as well as employees of foreign embassies. Families from the wealthy class sending their children to prestigious international schools also prefer to live in Mita. From our data, we also see that there are an increasing number of professionals, specialists (Ex: lawyers, auditors, judicial scriveners, certified public tax accountants etc.) choosing to settle in Mita as well.