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December prints 56th straight months of YoY growth for Greater Tokyo condo market

Writer's picture: Adam GermanAdam German

Japan's real estate market continues to show resilience as both prices and transactions for existing condominiums rose in December 2024, according to two reports released on January 14th by the Real Estate Information Network for East Japan (REINS) and the Real Estate Distribution Promotion Center. 

 

The two reports provide December 2024 insights into both the Japan nationwide market as well as the Greater Tokyo Area (GTA). 


Wix AI generated image using the prompt "Tokyo skyline with people cheering in a residential neighborhood" using a pop art filter.  All rights reserved.

Wix AI generated image using the prompt "Tokyo skyline with people cheering in a residential neighborhood" using a pop art filter. All rights reserved.


The GTA consists of the following prefectures; Tokyo, Kanagawa, Chiba and Saitama. 


Unless otherwise noted, all percentages below refer to Year-on-Year (YoY) changes; in other words comparing December 2024 changes to December 2023 prints. 


Japan Nationwide December Condo Trends


  • Average Price: ¥39.48 million (+4.11% YoY) 

  • Price Per Square Meter: ¥604,500 (+5.28% YoY), marking 55 consecutive months of growth 

  • Unit Size: 66.68 square meters on average (-0.74% YoY) 

  • Property Age: 25.66 years (+4.82% YoY) 

  • Transactions: 5,839 deals (+5.28% YoY), sustaining a two-month upward YoY trend 


Greater Tokyo Area Leads Price Growth


The GTA saw strong performance in December, with all prefectures posting YoY growth in condo sales transactions:  

Prefecture

No. of Condo Transactions

YoY % Change

Tokyo

1,696

3.8% up

Kanagawa

752

15.9% up

Chiba

377

12.5% up

Saitama

333

3.1% up


Chiba and Kanagawa led the region with double-digit growth, continuing long-standing positive streaks. 


The average price per square meter in the GTA reached ¥780,500 (+4.3%), extending a record 56-month YoY rise.  


Average contract prices climbed to ¥49.35 million (+3.2%), while condo sizes averaged 63.23 square meters (-1.1%). 


Single Family Home Market Shows Mixed Signals


For single-family homes (SFH), the nationwide average price remained steady at ¥26.09 million.  

 

Key metrics included: 


  • Avg. Building Size: 112.68 square meters (-2.2%) 

  • Avg. Land Size: 202.92 square meters (-5.29%) 

  • Avg. Property Age: 28.18 years (+0.64%) 

  • Transactions: 3,848 deals (+10.42%), marking 20 months of continuous YoY growth 

 

In the GTA, existing SFH transactions rose to 1,169 (+8.0%), with prices averaging ¥40.99 million (+4.4%). 

 

Sources: 

R.E. Port News Article 1 (Japanese only) 

R.E. Port News Article 2 (Japanese only) 

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