Greater Tokyo existing condo contracts fall for sixth month as inventory grows
Reported existing-condominium contracts in the Greater Tokyo Area (GTA) fell 22.7% year on year in September 2026, while new listings rose 15.4% and inventory increased 15.1%, according to the Real Estate Information Network for East Japan (REINS).
REINS reported 3,457 contracts, marking the sixth consecutive month of year-on-year declines. Average contracted prices also fell for a fifth straight month, while total on-market inventory reached 50,450 properties.
Photo by Jaison Lin on Unsplash
REINS figures cover contracts voluntarily reported by participating brokerages, rather than all property transactions. Higher budget and luxury transactions may be underrepresented.
The GTA consists of Tokyo, Kanagawa, Chiba and Saitama prefectures.
Average contracted prices decline for fifth month
The GTA average existing condo contracted price fell 4.5% year on year to JPY 51.11 million in September, a 0.4% decrease from August.
The average contracted price per square meter declined 4.8% year on year and 0.6% month on month to JPY 810,700.
Both measures recorded their fifth consecutive year-on-year declines.
Contracted price movements differed by location within the GTA.
GTA Area | Contracted Price per SQM; YoY Change |
Tokyo 23 wards | -0.9% |
Tokyo non-23 wards | -5.7% |
Saitama Pref. | -3.6% |
Kanagawa Pref. | +3.5% |
Chiba Pref. | +7.2% |
Newly listed existing condos increased 15.4% year on year to 17,721, marking the fourth straight month of increases.
Total on-market inventory rose to 50,450 condos, compared with 43,850 in September 2025.
Inventory has increased year on year for seven straight months.
Further Reading:
East Japan REINS - September 2026 Market Watch (Japanese only)
