Greater Tokyo brand new condo supply lowest on record says Real Estate Economic Institute
- Adam German
- Apr 22
- 2 min read
On April 21, the Real Estate Economic Institute released its outlook for the Greater Tokyo Area (GTA) brand-new condominium market for fiscal 2024 (April 2024–March 2025), revealing a sharp decline in supply alongside continued price increases.
The GTA as measured in this report includes the following sub-regions: Tokyo 23 wards, Tokyo non-23 wards and the prefectures of Chiba, Kanagawa and Saitama.
All percentages reported are Year-on-Year (YoY) changes.
The data presented below is meant to illustrate market trends and does not offer any kind of price guarantee. Real estate is a hyper local venture so always consult a licensed realtor for your property specific needs.
Greater Tokyo New Condo Supply Drops to Lowest Level on Record
New condo units released for sale in the GTA totaled 22,239 in FY2024, a 17.0% decrease from the previous year.
This marked the third straight year of decline and the lowest figure since the Institute began tracking the market.
New condos released in FY 2024 measured region break down as follows:
Region Measured | New Condos Released | % YoY Change |
Tokyo 23 Wards | 8,272 | 25.5 Down |
Tokyo Non-23 Wards | 1,993 | 12.6 % Down |
Kanagawa Pref. | 4,585 | 28.0% Down |
Chiba Pref. | 3,964 | 17.0% Up |
Saitama Pref. | 3,425 | 3.5% Down |
The GTA average unit price reached ¥81.35 million, up 7.5% YoY, while the average price-per-square-meter rose 6.9% to ¥1.23 million.
Both metrics hit record highs for the fourth straight year.
The brand-new condo price-per-square-meter metric has now increased for 13 consecutive years.
GTA sub-region average new condo prices and prices-per-square-meter were as follows:
Tokyo 23 wards: ¥116.32 million / ¥1.773 million (+11.2% / +10.1%)
Tokyo non-23 wards: ¥60.67 million / ¥950,000 (+13.2% / +18.8%)
Kanagawa Pref: ¥65.87 million / ¥1.009 million (+7.2% / +7.5%)
Saitama Pref: ¥58.93 million / ¥897,000 (+20.5% / +17.3%)
Chiba Pref: ¥56.04 million / ¥803,000 (+10.6% / +9.4%)
With less and less brand-new inventory in the pipeline, buyers are more open to existing condos. Talk to Patience Realty today and get a free no-obligation market appraisal for your Tokyo condo.
Further Reading:
FY 2024 New Condo Market Report by the Real Estate Economic Institute (Japanese only)
Source:
R.E. Port News (Japanese only)
