Who Actually Buys Tokyo’s Waterfront Towers? The 2025 Foreign-Buyer Data

Walk through the sales gallery of any new tower in Toyosu or the Tokyo Bay area and you will hear the same rumour: “Half the building is owned by foreign investors.” It is a great story. It is also wrong. In 2025 the Japanese government published its first official survey of who actually buys new condominiums in central Tokyo, and the registry data on bayside towers tells an even clearer story. This guide walks through the real numbers — how much foreigners actually buy, which nationality dominates, and what it means if you are a foreign buyer looking at Tokyo’s waterfront.

I write this as a licensed takken-shi (宅地建物取引士, registered with the Tokyo Governor) who lives in the Koto-ku waterfront and reads this market’s disclosure documents in Japanese. Marokama is not a brokerage.

How Much Do Foreigners Actually Buy? (The 3.5% Reality)

In late 2025, Japan’s Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released its first-ever study of overseas-resident buyers of new condominiums in Tokyo’s 23 wards, covering January–June 2025. The headline number surprises most people:

Area (new condos, H1 2025)	Share bought by overseas residents
Tokyo 23 wards (overall)	3.5%
Central 6 wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, Shibuya)	7.5%
Shinjuku-ku (highest single ward)	14.6%

Overseas residents bought 3.5% of new condos across the 23 wards — up from 1.6% a year earlier, but still a small minority. Even in the most international central wards the figure is 7.5%, and only Shinjuku crosses into the mid-teens. Crucially, MLIT itself concluded that overseas buyers are not the main driver of Tokyo’s price rises. The “foreigners are buying up Tokyo” narrative simply is not supported by the data.

One caveat: this survey counts overseas residents only. Foreign nationals who already live in Japan are recorded like any other domestic buyer, so the true “foreign-connected” share is a little higher. But it is nowhere near the 30–50% you sometimes read in the press.

Who Are the Foreign Buyers? Taiwan Leads by a Wide Margin

This is where the data gets genuinely interesting. Of the 308 units acquired by overseas residents in the 23 wards during H1 2025, the nationality breakdown was lopsided:

Nationality / region	Units (of 308)	Share of overseas buyers
Taiwan	192	~62%
China (mainland)	30	~10%
Singapore	21	~7%
All others	65	~21%

Taiwan alone accounts for more than six in ten overseas buyers — more than six times mainland China. This runs against the common assumption that “Chinese money” dominates. In reality, as mainland Chinese buyers have retreated, Taiwanese wealth has flowed into Japanese real estate, helped along by the weak yen. Hong Kong, often lumped into the conversation, does not even appear near the top.

Why Taiwanese Buyers Love Tokyo’s Waterfront

Talk to developers who host sales events in Taipei and a consistent profile emerges:

• They pay cash. More than half of Taiwanese buyers purchase entirely in cash. Those who do borrow typically finance only 30–40% of the price, at around 2% interest over 20 years.
• They think in yield. Taiwanese investors treat Tokyo property like a stable, income-producing asset and look for a clear rate of return — a mindset closer to a stock portfolio than a family home.
• They decide fast. Agencies such as Sinyi Realty run sales presentations in Taiwan with preferential allocation from developers; buyers preview online and commit quickly.
• They value stability. Compared with Taiwan’s own market, Tokyo offers scale, liquidity and a currency-diversification play while the yen is weak.

Waterfront districts like Toyosu fit this brief neatly: new towers, strong rental demand, English-friendly infrastructure, and easy access to the business districts. If you want the on-the-ground view of the area, see our complete expat guide to living in Toyosu.

So Who Really Owns the Toyosu Towers? (Hint: Mostly Japanese)

The MLIT survey covers new condos. When you look at the property registry for existing bayside towers, the picture is even more domestic. A registry analysis of roughly 100 waterfront tower units (2023–2024) found:

Buyer type (bayside towers, registry sample)	Approx. share
Japanese dual-income “power couples”	~30%
Other Japanese buyers	~65%
Foreign buyers	~4%

In other words, about 95% of bayside tower owners are Japanese — overwhelmingly high-earning dual-income households. Foreign owners are a real but small slice. If a listing agent tells you “everyone here is an overseas investor,” treat it as sales talk, not fact.

What This Means If You’re a Foreign Buyer

Being in the minority is not a disadvantage — and it certainly is not a barrier. Here is what the data should tell you as a foreign buyer eyeing Tokyo’s waterfront:

• You are legally welcome. Japan places almost no restrictions on foreign ownership — no citizenship, visa or residency requirement, and full freehold title. See Can a Foreigner Buy Property in Japan? for the full rules.
• The real constraint is financing, not permission. Like most Taiwanese buyers, non-residents often pay cash because local mortgages are hard to obtain from abroad. If you need a loan, read Can a Non-Resident Get a Mortgage in Japan?
• Your costs and taxes are the same as a Japanese buyer’s. There is no foreigner surcharge. Budget for the full stack of fees in Japan Property Purchase Costs Explained.
• Think in yield, like the Taiwanese do. Returns vary sharply by ward — roughly 3% downtown to 8% in the outer wards. Our Tokyo Rental Yield by Ward analysis shows where the numbers actually work.
• Waterfront specifics. For Toyosu itself, start with the Toyosu apartment guide; if you want to test-drive the area first, see monthly & furnished apartments in Toyosu.

Frequently Asked Questions

Which nationality buys the most Tokyo property?

Among overseas residents buying new condos in Tokyo’s 23 wards (H1 2025), Taiwan is by far the largest group — about 62% of the 308 units — ahead of mainland China (~10%) and Singapore (~7%).

Are foreign buyers driving up Tokyo condo prices?

According to MLIT’s own analysis, no. Overseas residents account for just 3.5% of new-condo purchases across the 23 wards, and the ministry did not identify them as the main cause of price increases. Domestic dual-income households are the dominant force.

Do I need to live in Japan to buy a waterfront condo?

No. Non-residents can buy from overseas using a signature affidavit, a Japanese tax representative, and (if you cannot attend closing) a power of attorney. The mechanics are covered in our foreign-buyer eligibility guide.

Is Toyosu a good choice for a foreign buyer?

For many buyers, yes — it combines new towers, strong rental demand, and English-friendly amenities. But “good” depends on your goal (yield vs. own-use) and budget. That is exactly the kind of question worth a short conversation before you commit.

Check the Documents Before You Buy

The data is reassuring: foreign buyers are welcome, taxed the same, and free to own freehold — you are simply joining a market led by Japanese households and a wave of cash-paying Taiwanese investors. Where foreign buyers get into trouble is the execution: financing from abroad, the fee stack, and choosing the right building. If you would like a straight answer in English, book a free 15-minute consultation via our contact page.

Sources: Ministry of Land, Infrastructure, Transport and Tourism (MLIT) survey of overseas-resident condo acquisitions, Jan–Jun 2025; nippon.com; Nikkei. Registry figures for bayside towers are an illustrative sample and directional only.