Industry map/Construction & Real Estate
Condominium Developers industry map
Who earns the money in Condominium Developers, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 54 companies · ¥5.27T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥5.27T
- Companies
- 54
- Avg. salary（parent only）
- ¥7.2M
- Industry weather
- Sunny
YoY +7.7%
Avg. age 41.2
Operating income +8.9%
Mitsui Fudosan[8801]
Property Sales
- Revenue
- ¥729.3B▼3.8%
- Operating income
- ¥143.5B▲0.4%
Margin 19.7%
Whole company: Revenue ¥2.71T · Net income ¥278.7B
Avg. salary ¥18.6M · 42.1（parent only）
Sekisui House[1928]
Development
- Revenue
- ¥670.2B▲18.2%
- Operating income
- ¥95B▲35.1%
Margin 14.2%
Whole company: Revenue ¥4.2T · Net income ¥232.1B
Avg. salary ¥9.1M · 43.5（parent only）
Mitsubishi Estate[8802]
Residential Business
- Revenue
- ¥450.6B▲7.7%
- Operating income
- ¥57.3B▲19.3%
Margin 12.7%
Whole company: Revenue ¥1.75T · Net income ¥222.5B
Avg. salary ¥17.6M · 42.0（parent only）
Nomura Real Estate Holdings[3231]
Residential Development Business
- Revenue
- ¥431.7B▲17.6%
- Operating income
- ¥60.6B▲26.5%
Margin 14.0%
Whole company: Revenue ¥942.5B · Net income ¥82.9B
Avg. salary ¥12.5M · 41.9（parent only）
Sumitomo Realty & Development[8830]
Real estate selling
- Revenue
- ¥323.2B▲9.7%
- Operating income
- ¥76.2B▲18.7%
Margin 23.6%
Whole company: Revenue ¥1.06T · Net income ¥212.5B
Avg. salary ¥8.2M · 42.6（parent only）
Haseko[1808]
Real estate related Business
- Revenue
- ¥290.2B▲16.2%
- Operating income
- ¥35.6B▲9.2%
Margin 12.3%
Whole company: Revenue ¥1.27T · Net income ¥54.8B
Avg. salary ¥10.4M · 39.4（parent only）
- Sumitomo Realty & Development owns 3.7%
Open House Group[3288]
Pressance Corporation Co.,Ltd. + 1 more
- Revenue
- ¥295.6B▲2.1%
- Operating income
- ¥36.8B▼5.7%
Margin 12.4%
Whole company: Revenue ¥1.34T · Net income ¥100.7B
Avg. salary ¥9.1M · 34.7（parent only）
Daiwa House Industry[1925]
Condominiums
- Revenue
- ¥271.5B▲4.1%
- Operating income
- ¥5.99B▼45.1%
Margin 2.2%
Whole company: Revenue ¥5.58T · Net income ¥350.6B
Avg. salary ¥11M · 40.7（parent only）
- Kyoritsu Maintenance・Capital alliance
Mirarth Holdings[8897]
Real estate business
- Revenue
- ¥192.4B▲7.8%
- Operating income
- ¥15.6B▲18.4%
Margin 8.1%
Whole company: Revenue ¥214.4B · Net income ¥4.76B
Avg. salary ¥8.3M · 39.1（parent only）
Tokyo Tatemono[8804]
Residential
- Revenue
- ¥165.1B▼21.9%
- Operating income
- ¥25.6B▼33.0%
Margin 15.5%
Whole company: Revenue ¥474.6B · Net income ¥58.9B
Avg. salary ¥11.9M · 41.0（parent only）
FJ Next Holdings[8935]
Real estate development business
- Revenue
- ¥127.7B▲27.9%
- Operating income
- ¥12.5B▲56.5%
Margin 9.7%
Whole company: Revenue ¥142.4B · Net income ¥10B
Avg. salary ¥7.6M · 36.2（parent only）
Eslead[8877]
- Revenue
- ¥116.9B▲23.4%
- Operating income
- ¥18.5B▲27.2%
Margin 15.8%
Avg. salary ¥8.9M · 32.0（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Anabuki Kosan · Hoosiers Holdings · Global Link Management · Sotetsu Holdings · Es-Con Japan · Meiwa Estate · Nice · Shinnihon · Migalo Holdings · Good Com Asset · Cosmos Initia · Tama Home · Kyoritsu Maintenance · Fuji · Central General Development · Wadakohsan · Urbanet · Nisshin Group Holdings · Ambition DX Holdings · Daiichi Koutsu Sangyo · Sanyo Homes · Meiho Enterprise · Goldcrest · Daieisangyo · AMG Holdings · LA Holdings · STrust · Kose R.E. · Tsuchiya Holdings · starts · Dualtap · Yamaichi Real Estate · Yamachuu · TRUST Holdings · Asian Star · Nippon Grande · Yoshicon · Avantia · Kimuratan · First Juken …+2
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Industry takeaways
AI summary (figures come from filings)
- The largest business is Daiwa House's rental housing at ¥1.43T, or 12% of the listed total, followed by Daito Trust Construction's leasing business at ¥1.2T.
- Developers that sell homes earn more per yen of sales: Sumitomo Realty's real estate selling runs a 23.6% operating margin and Mitsui Fudosan's property sales 19.7%, against 9.9% for Daiwa House's rental housing and 7.1% for Daito Trust.
- Margins also vary inside one company: Daiwa House's condominium unit makes only 2.2%.
- Nomura Real Estate's residential development grew +17.6% and GA technologies' RENOSY Marketplace +30.6%, while Tokyo Tatemono's residential business fell -21.9%.
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | Mitsui FudosanProperty Sales | ¥729.3B | 13.8% | 19.7% | +3.2% | -¥91.1B |
| 2 | Sekisui HouseDevelopment | ¥670.2B | 12.7% | 14.2% | — | ¥121.2B |
| 3 | Mitsubishi EstateResidential Business | ¥450.6B | 8.5% | 12.7% | +4.4% | -¥15.8B |
| 4 | Nomura Real Estate HoldingsResidential Development Business | ¥431.7B | 8.2% | 14.0% | +8.8% | -¥24.3B |
| 5 | Sumitomo Realty & DevelopmentReal estate selling | ¥323.2B | 6.1% | 23.6% | +8.4% | -¥18.4B |
| 6 | Open House GroupPressance Corporation Co.,Ltd. + 1 more | ¥295.6B | 5.6% | 12.4% | +10.8% | ¥25.9B |
| 7▲1 | HasekoReal estate related Business | ¥290.2B | 5.5% | 12.3% | +28.2% | ¥136.3B |
| 8▼1 | Daiwa House IndustryCondominiums | ¥271.5B | 5.1% | 2.2% | -7.6% | -¥304.6B |
| 9▲1 | Mirarth HoldingsReal estate business | ¥192.4B | 3.6% | 8.1% | +11.6% | -¥26.8B |
| 10▼1 | Tokyo TatemonoResidential | ¥165.1B | 3.1% | 15.5% | +8.2% | -¥26.6B |
| 11 | FJ Next HoldingsReal estate development business | ¥127.7B | 2.4% | 9.8% | — | ¥6.83B |
| 12▲1 | Eslead | ¥116.9B | 2.2% | 15.8% | +11.9% | -¥39.9B |
| 13▼1 | Anabuki KosanReal estate-related business | ¥92.4B | 1.8% | 5.9% | +5.1% | -¥2.21B |
| 14▲4 | Hoosiers HoldingsCondominium apartments for families and singles + 1 more | ¥77.5B | 1.5% | 4.4% | +8.0% | ¥9.27B |
| 15▲1 | Global Link Management | ¥69.3B | 1.3% | 10.7% | — | -¥3.25B |
| 16▼2 | Sotetsu HoldingsReal estate | ¥68.8B | 1.3% | 20.3% | +6.9% | -¥11.2B |
| 17▼2 | Es-Con JapanCondominium business | ¥63.6B | 1.2% | 18.1% | — | ¥8.98B |
| 18▲3 | Meiwa EstateResidential Development business | ¥55.2B | 1.0% | 10.1% | — | -¥15M |
| 19▲3 | NiceHousing | ¥54.9B | 1.0% | 7.1% | +10.0% | -¥6.89B |
| 20▼3 | ShinnihonDevelopment | ¥54.8B | 1.0% | 24.7% | +5.5% | ¥16.7B |
| 21▲3 | Migalo HoldingsDX Real estate | ¥53.2B | 1.0% | 8.0% | +15.2% | ¥3.64B |
| 22▼3 | Good Com Assetwholesale + 1 more | ¥49.2B | 0.9% | 5.0% | +10.7% | -¥1.15B |
| 23 | Cosmos InitiaReal estate sales and brokerage | ¥48.3B | 0.9% | 4.6% | +3.6% | ¥2.92B |
| 24▼4 | Tama HomeReal estate | ¥47.8B | 0.9% | 5.1% | +8.3% | ¥512M |
| 25▲17 | Kyoritsu MaintenanceConstruction | ¥38.7B | 0.7% | 7.9% | -1.5% | ¥7.29B |
| 26▼1 | FujiResidential Development | ¥36.7B | 0.7% | 4.3% | -5.1% | -¥3.55B |
| 27▲2 | Central General DevelopmentReal estate sales operation | ¥34.3B | 0.7% | 4.6% | +7.5% | -¥485.7M |
| 28▼2 | WadakohsanCondominium sales | ¥34.2B | 0.6% | 12.8% | +2.5% | -¥11.9B |
| 29▼1 | UrbanetReal Estate Business | ¥33.7B | 0.6% | 14.9% | +12.6% | -¥9.75B |
| 30▼3 | Nisshin Group HoldingsReal estate | ¥31.4B | 0.6% | 4.8% | -0.5% | -¥8.17B |
| 31▲1 | Ambition DX HoldingsSales/Purchase DX Investment Business | ¥28.1B | 0.5% | 13.7% | — | -¥5.52B |
| 32▼2 | Daiichi Koutsu SangyoSales business | ¥27.6B | 0.5% | 3.4% | -3.3% | -¥3.48B |
| 33▼2 | Sanyo HomesCondominiums | ¥24.6B | 0.5% | 13.4% | -2.5% | -¥1.62B |
| 34▲3 | Meiho EnterpriseDetached real estate | ¥24.4B | 0.5% | 14.7% | +33.2% | ¥2.83B |
| 35▼1 | GoldcrestDetached real estate | ¥20.6B | 0.4% | 31.1% | -7.3% | -¥108.1B |
| 36 | DaieisangyoCondominiums | ¥20.4B | 0.4% | 8.2% | +6.6% | -¥6.91B |
| 37▼4 | AMG HoldingsReal estate development business | ¥20.3B | 0.4% | 8.2% | — | -¥567.7M |
| 38 | LA HoldingsDX New Real Estate Business | ¥20.2B | 0.4% | 37.9% | — | -¥13.9B |
| 39▼4 | STrustReal estate sale in lots business | ¥18.7B | 0.4% | 11.5% | +5.5% | -¥5.76B |
| 40▲3 | Kose R.E.Condominiums Business for residence + 1 more | ¥9.31B | 0.2% | 10.2% | -3.0% | -¥2.29B |
| 41▼1 | Tsuchiya HoldingsReal estate business | ¥8.71B | 0.2% | 4.8% | +14.5% | -¥941.5M |
| 42▲6 | startsSale in lots real estate business | ¥7.04B | 0.1% | 1.2% | -4.4% | ¥518M |
| 43▲3 | DualtapReal estate sales | ¥6.9B | 0.1% | 1.5% | +9.4% | ¥1.03B |
| 44▼5 | Yamaichi Real EstateCondominiums | ¥5.77B | 0.1% | 1.6% | -13.9% | -¥10.3B |
| 45 | YamachuuDevelopment segment | ¥3.64B | 0.1% | 8.1% | -6.3% | ¥490.2M |
| 46▼2 | TRUST HoldingsProperties Development and Sales | ¥3.49B | 0.1% | 3.6% | +9.8% | -¥1.02B |
| 47▲2 | Asian StarSales of Real estate | ¥2.9B | 0.1% | 11.0% | +29.0% | -¥215.5M |
| 48▲2 | Nippon GrandeReal estate lot | ¥2.86B | 0.1% | 3.4% | -8.0% | ¥1.1B |
| 49▼8 | YoshiconResidence | ¥2.5B | 0.0% | 10.7% | +41.6% | -¥2.49B |
| 50▼3 | AvantiaCondominiums | ¥2.31B | 0.0% | 6.1% | -2.9% | ¥921.9M |
Showing the top 50. See all 54 in the list below
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- Operating costs
- SG&A
- Operating profit
- Sumitomo Realty & Development64828
- Tokyo Tatemono8020
- Mitsubishi Estate8119
- Es-Con Japan701119
- Eslead75916
- Mitsui Fudosan8515
- Nomura Real Estate Holdings8515
- Shinnihon8115
- Sotetsu Holdings8713
- Open House Group82711
- Daiwa House Industry781111
- Global Link Management82711
- FJ Next Holdings81910
- Hoosiers Holdings781210
- Kyoritsu Maintenance76159
- Sekisui House80128
- Haseko8578
- Mirarth Holdings79138
- Meiwa Estate79138
- Cosmos Initia79138
- Migalo Holdings8411
- Good Com Asset869
- Anabuki Kosan8016
- Nice8612
- Tama Home7523
Showing the 25 largest companies by revenue.
Ownership links
From the major-shareholder section of annual securities reports.
- 西部ガスホールディングス株式会社Outside
- SubsidiarySTrust51.9%
- 中部電力株式会社Outside
- SubsidiaryEs-Con Japan51.0%
- VTホールディングス㈱Outside
- AffiliateAMG Holdings43.4%
- Daiwa House IndustryIn industry
- AffiliateCosmos Initia38.2%
- 野村ホールディングス株式会社Outside
- AffiliateNomura Real Estate Holdings37.1%
- ㈱クラフティアOutside
- AffiliateCentral General Development30.3%
- Kyoritsu MaintenanceIn industry
- AffiliateCosmos Initia25.0%
- 株式会社ＬＩＸＩＬOutside
- AffiliateSanyo Homes24.3%
- 全国保証株式会社Outside
- AffiliateIntellex Holdings20.5%
- 株式会社クレディセゾンOutside
- StakeBroad-Minded17.4%
- 株式会社ヤマダホールディングスOutside
- StakeNice17.2%
- 技研ホールディングス株式会社Outside
- StakeNice16.7%
- 関西電力株式会社Outside
- StakeSanyo Homes12.0%
- セコム株式会社Outside
- StakeSanyo Homes10.2%
- オリックス株式会社Outside
- StakeSanyo Homes8.5%
- Sekisui HouseIn industry
- StakeTsuchiya Holdings6.2%
- 松井証券株式会社Outside
- StakeEspoir4.8%
- 株式会社北洋銀行Outside
- StakeTsuchiya Holdings4.8%
- 太平洋セメント株式会社Outside
- StakeYoshicon4.6%
- Sumitomo Realty & DevelopmentIn industry
- StakeHaseko3.7%
- 株式会社千葉銀行Outside
- StakeShinnihon3.5%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
- Mitsubishi Estate vs Mitsui Fudosan
- Mitsubishi Estate vs Sekisui House
- Mitsubishi Estate vs Sumitomo Realty & Development
- Mitsui Fudosan vs Sekisui House
- Mitsui Fudosan vs Sumitomo Realty & Development
- Sekisui House vs Sumitomo Realty & Development
- Mitsubishi Estate vs Mitsui Fudosan vs Sekisui House vs Sumitomo Realty & Development
All companies in Condominium Developers (by revenue)
All 56 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Mitsui Fudosan¥729.3B · 19.7%
- Sekisui House¥670.2B · 14.2%
- Mitsubishi Estate¥450.6B · 12.7%
- Nomura Real Estate Holdings¥431.7B · 14.0%
- Sumitomo Realty & Development¥323.2B · 23.6%
- Open House Group¥295.6B · 12.4%
- Haseko¥290.2B · 12.3%
- Daiwa House Industry¥271.5B · 2.2%
- Mirarth Holdings¥192.4B · 8.1%
- Tokyo Tatemono¥165.1B · 15.5%
- FJ Next Holdings¥127.7B · 9.8%
- Eslead¥116.9B · 15.8%
- Anabuki Kosan¥92.4B · 5.9%
- Hoosiers Holdings¥77.5B · 4.4%
- Global Link Management¥69.3B · 10.7%
- Sotetsu Holdings¥68.8B · 20.3%
- Es-Con Japan¥63.6B · 18.1%
- Meiwa Estate¥55.2B · 10.1%
- Nice¥54.9B · 7.1%
- Tama Home¥54.9B · 6.5%
- Shinnihon¥54.8B · 24.7%
- Migalo Holdings¥53.2B · 8.0%
- Good Com Asset¥49.2B · 5.0%
- Cosmos Initia¥48.3B · 4.6%
- Intellex Holdings¥43.2B · 4.4%
- Urbanet¥39.2B · 15.1%
- Kyoritsu Maintenance¥38.7B · 7.9%
- Fuji¥36.7B · 4.3%
- SYLA Holdings¥34.4B · 16.3%
- Central General Development¥34.3B · 4.6%
- Wadakohsan¥34.2B · 12.8%
- Nisshin Group Holdings¥31.4B · 4.8%
- Ambition DX Holdings¥27.9B · 13.0%
- Daiichi Koutsu Sangyo¥27.6B · 3.4%
- Sanyo Homes¥24.6B · 13.4%
- Meiho Enterprise¥24.4B · 14.7%
- Goldcrest¥20.6B · 31.1%
- Daieisangyo¥20.4B · 8.2%
- AMG Holdings¥20.3B · 8.2%
- LA Holdings¥20.2B · 37.9%
- STrust¥18.7B · 11.5%
- Kose R.E.¥9.31B · 10.2%
- Tsuchiya Holdings¥8.71B · 4.8%
- starts¥7.04B · 1.2%
- Dualtap¥6.9B · 1.5%
- Yamaichi Real Estate¥5.77B · 1.6%
- Yamachuu¥3.54B · 10.7%
- TRUST Holdings¥3.49B · 3.6%
- Asian Star¥2.9B · 11.0%
- Nippon Grande¥2.86B · 3.4%
- Yoshicon¥2.5B · 10.7%
- Avantia¥2.31B · 6.1%
- Kimuratan¥2.2B · 10.0%
- First Juken¥1.9B · 25.1%
- Broad-Minded¥478.5M · 4.9%
- Espoir¥203.8M · 2.4%
Revenue · Op. margin
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