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  • Writer's pictureAdam German

Average second hand condo prices in three major metro areas show weakness

On December 21st, Tokyo Kantei released second-hand price trends of 70-square-meter strata-title condominiums in Japan's major metropolitan areas for November, 2023.


In the Greater Tokyo Area (GTA), the average price was ¥47.24 million (a 0.8% decrease from the previous month), marking the second consecutive Month-on-Month (MoM) decline. 


Broken down by prefecture:

Prefecture

Avg. 70+ sqm condo price

MoM change

Tokyo

¥64.08 million

0.4% down

Kanagawa

¥36.57 million

0.6% down

Saitama

¥29.92 million

0.1% down

Chiba

¥27.06 million

1.6% down

By prefecture, Tokyo was at ¥64.08 million (a 0.4% decrease), Kanagawa at ¥36.57 million (a 0.6% decrease), Saitama at ¥29.92 million (a 0.1% decrease), and Chiba at ¥27.06 million (a 1.6% decrease), all experiencing decreases. 


While Tokyo experienced a slight increase in the central districts, overall the prefecture witnessed a marginal decline. 


In comparison to the same month of the previous year, the GTA’s three other prefectures reported MoM declines.


The Greater Osaka Area (or Kinki region) recorded an average of ¥28.52 million (a 0.5% decrease) for four consecutive months of decline. 


By prefecture, Osaka was at ¥30.43 million (a 0.6% decrease) and Hyogo at ¥24.73 million (a 1.0% decrease). 


Osaka has been in decline for seven consecutive months, while Hyogo has reported a decline for four consecutive months; both falling below the levels of the same month in the previous year.


The Greater Nagoya Area (or Chubu region) decreased to ¥22.42 million (a 0.4% decrease) after two months, with Aichi Prefecture reaching ¥23.78 million (a 0.5% decrease). 


Both the region and Aichi Prefecture fell below the levels of the same month in the previous year.


Further Reading:

Tokyo Kantei November 2023 70+ sqm condo report (Japanese only but with charts)

Tokyo Kantei 70 sqm up November 2023 Report
.pdf
Download PDF • 477KB

Source:

R.E. Port News (Japanese only) 


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