Greater Tokyo Area new condo price average hits record high in 1st half 2025
- Adam German
- 1 day ago
- 2 min read
New condo supply in the Greater Tokyo Area (GTA) fell for the fourth consecutive half-year, even as average prices surged to record highs, according to data released by the Real Estate Economic Institute on July 17th.
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In this report, the GTA is measured by the following regions; Tokyo 23 wards, Tokyo Non-23 Wards and the prefectures of Saitama, Chiba and Kanagawa.
First Half of 2025 (January–June)
New unit supply dropped 11.2% year-on-year to 8,053 units, continuing a multi-year downward trend.
Tokyo’s 23 Wards: 2,964 units (down 10.7%)
Tokyo Non-23 Wards: 908 units (up 3.5%)
Kanagawa Prefecture: 1,874 units (down 13.3%)
Chiba Prefecture: 1,157 units (down 36.3%)
Saitama Prefecture: 1,150 units (up 29.1%)
The initial contract rate - the percentage of units sold within the first month of launch- was 66.6%, a slight decline of 0.4 points from the same period last year.
A 70% and above initial contract rate is considered robust in terms of buyer demand. Below 70% can mean softening buyer demand which, if extended, can lead to prices needing to fall to order to sell.
Chiba prefecture was the only area to exceed 70%, at 72.7% (down 5.6 points). The 23 Wards of Tokyo saw improvement, rising to 68.8%, up 5.4 points.
The average price per unit surged 16.7% year-on-year to ¥89.58 million (approximately USD 560,000), setting a new first-half record.
The average price per square meter also climbed 16.7% to ¥1.35 million.
2025 2nd Half Market Outlook
Several large-scale projects are scheduled to begin in the second half of the year, particularly in Tokyo’s 23 Wards. As a result, total supply for the second half is projected at 15,000 units. This would bring full-year supply to roughly 23,000 units, on par with the 23,003 units recorded in 2024.
Further Reading:
Real Estate Economic Institute 2025 1st Half GTA Brand New Condo Trend Report (Japanese only)
Source:
R.E. Port News (Japanese only )
