Small condominiums materially change the index
MLIT's May 2026 seasonally adjusted existing-home sales volume index was 125.0 for detached homes and condominiums combined, with 2010 set at 100. Excluding condominium units below 30 square meters, the combined index was 114.3. The condominium-only index was 124.2 including all sizes but just 100.2 after excluding sub-30-square-meter units. MLIT publishes both series because acquisitions of small studio apartments by individuals have become increasingly significant.
A useful clue for understanding the investment-studio segment
Small condominium units in Tokyo and Osaka often trade as investment products and have a different demand base from family homes. The gap between the two indices suggests that smaller units materially affect transaction counts. The indicator does not measure price or yield, however, so high turnover should not be interpreted automatically as cheap valuation or guaranteed liquidity. Overseas investors should combine volume data with rent, vacancy, management fees, repair reserves, age, station access and the likely future buyer pool.