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KDX ST Partners conducted a survey of 7,002 individual full members of its <a href="https://industrymovement.com/real-estate-agents-now-also-report-that-grid-congestion-is-delaying-housing-projects/" title="Real estate agents now also report that grid congestion is delaying housing projects”>real estate ST app, finding 2,391 real estate ST holders. Those with more than 10 years of experience investing in physical equities accounted for over 70% of holders, while experience with real estate STs themselves was concentrated at under one year for 919 respondents. In terms of primary income sources, pensions accounted for 19.7%—roughly double the 8.8% for all members—while interest/dividend income and real estate income were also approximately double. For investment objectives, over 90% cited “emphasis on yield and capital gains” or “emphasis on yield and principal safety.”
Key Elements
Individual investors who actually hold real estate security tokens (real estate STs) are predominantly veterans with more than 10 years of investment experience in stocks and other assets, and the proportion whose primary income source is pensions or dividend income is roughly double that of the overall membership, a survey has found. KDX ST Partners, which manages real estate STs within the Kenedix Group, released the results on the 9th of a survey of 7,002 individual full members of its information-providing app, the “KDX ST App.”
The survey was timed to coincide with “Securities Investment Day” on October 4, as designated by the Japan Securities Dealers Association, and compiled customer attribute data as of that date. Among members, 2,391 were real estate ST holders. Since the survey population is drawn from the company’s app members, it does not represent the general individual investor population as a whole, but it is drawing attention as data that captures the attributes of those who actually hold real estate STs.
Investment Experience: Over 70% Have 10+ Years in Stocks; Under 1 Year Most Common for Real Estate STs
Looking at the investment experience of all members, 4,707 had experience with physical equities, 4,806 with investment trusts, and 2,051 with crypto assets. The data reveals a pattern of investors who have built asset management experience through stocks and investment trusts now expanding their interest into real estate STs.
Analyzing the years of physical equity investment experience among the 2,391 real estate ST holders specifically, 573 had 10–20 years, 511 had 20–30 years, and 649 had 30 years or more, meaning those with 10+ years of experience totaled 1,733, accounting for over 70% of holders.
On the other hand, investment experience with real estate STs themselves was concentrated at “under one year” for 919 respondents. This suggests that investors who have accumulated years of experience managing assets through stocks and other instruments have only recently begun adding real estate STs to their portfolios as a new investment destination.
Incomeate Income Roughly Double the Overall Average
A comparison of primary incomeolders and the overall membership
| Primary Income Source | Real Estate ST Holders | All Members |
|---|---|---|
| Pension | 19.7% | 8.8% |
| Interest/Dividend Income | 10.3% | 5.5% |
| Real Estate Income | 9.0% | 4.0% |
Note: Compiled from data Real estate ST holders: 2,391; all members: 7,002
The proportion citing pension as their primary incomembers. Interest/dividend income stood at 10.3% versus 5.5%, and real estate income at 9.0% versus 4.0%, with holders roughly double in each category. The company indicated that adoption is progressing among those with diverse income bases beyond salary income
In terms of investment objectives, both all members and real estate ST holders showed very few pursuing “aggressive capital gains,” with over 90% citing “emphasis on yield and capital gains” or “emphasis on yield and principal safety.” The data reveals that investors are choosing real estate STs with a focus on yield and stability rather than pursuing large capital gains alone.
Establishing a Foothold as an Asset Diversification Option
KDX ST Partners President Akihiro Nakao expressed the view that real estate STs are beginning to be accepted as a new option for asset diversification. He noted that because investors can start with small amounts and the investment targets are easy to understand, the product has potential to be utilized by those just beginning to build assets, and stated the company’s intention to contribute to the healthy development of the real estate ST market through the app.
Real estate STs have been expected to be a product that is easier to participate in than traditional physical real estate investment, thanks to fractionalization and online trading. The survey reveals that, at present, those with longer investment experience are adopting real estate STs ahead of investment beginners, while the fact that 919 holders have less than one year of investment experience indicates that the investor base is also beginning to broaden.
The KDX ST App launched its service in June 2025, providing information on real estate STs as well as asset management functions for Kenedix Realty Token holders. Kenedix Group’s assets under management reached ¥5.6 trillion (approximately $35.4 billion) as of the end of June 2026, positioning real estate STs as a third pillar alongside REITs and private funds.
