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  • Writer's pictureAdam German

February 2024 Tokyo second hand condo transactions increase for ninth straight month

On March 11th, Japan’s Real Estate Information Network Systems announced the market trends for the Greater Tokyo Area (GTA) for February 2024.


Majes Motoazabu Gardens B Tower

The number of February transactions reported for second hand condos in the GTA was 3,350 units; an increase of 3.4% Year-on-Year (YoY) or compared to the same month the previous year, marking the ninth consecutive month of YoY growth. 

Real estate transaction records in Japan are not legally required and are voluntarily reported by real estate agents.  As such, this data should not be seen as any kind of price guarantee but more to illustrate trend movements.

Broken down by prefecture: 

Prefecture

No. of Transactions

% Change YoY

Tokyo

1,780

5.3% up

Kanagawa

764

4.7% down

Chiba

423

7.6% up

Saitama

383

8.2% up

The GTA average transaction price per square meter rose to ¥755,200 (a 9.9% increase), marking the 46th consecutive YoY increase. 


The GTA average transaction sales price reached ¥48.59 million (an 11.5% increase), continuing its upward YoY trend for 45 consecutive months. 


The number of transactions for single family homes (SFH) reached 1,167 units (a 10.4% increase), marking the third consecutive month of YoY growth. 


The average SFH transaction price remained relatively stable at ¥38.95 million (a 0.8% increase).


Further Reading:

Real Estate Information Network Systems GTA Trends February 2024 (Japanese only)

mw_202402_summary
.pdf
Download PDF • 1.08MB

Source: 

R.E. Port News (Japanese only)

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