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).

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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)