Greater Tokyo existing condo prices break six-year YoY growth streak says REINS
- Adam German
- Jun 11
- 3 min read
Greater Tokyo’s existing condominium market softened in May, with completed transactions falling for a second straight month and the average sold price per square meter declining year on year (YoY) for the first time in over six years, according to data released June 10th by REINS East Japan.
The Greater Tokyo Area (GTA) consists of the prefectures of Tokyo, Saitama, Chiba and Kanagawa.
The headline figure refers to reported completed transactions, not advertised listing prices.
Sold Prices Fall but Listing Prices Keep Rising
The contrast was sharp. In May:
The average sold price per square meter fell 3.9% YoY to JPY 807,800.
The figure was also down 6.0% from the previous month.
The average price per square meter for newly-listed existing condominiums rose 22.3% year on year to JPY 1,126,700.
The average on-market inventory price per square meter rose 28.8% to JPY 1,144,000.
This means reported sold prices appear to have weakened in May even as asking-price indicators for newly-listed and existing inventory units remained sharply higher than a year earlier.
Graph courtesy of REINS, edited by Patience Realty.
The average sold price per unit also declined, falling 4.6% year on year to JPY 50.67 million. This was the first decline in 19 months.
A Note on REINS Sold Data
REINS sold-price data should be read with an asterisk because it reflects transactions reported through the system, not every completed sale; higher-end and private deals may be underrepresented.
By contrast, advertised listing data generally provides a stronger view of visible supply because listed properties must display an asking price in the REINS system, though asking prices do not necessarily reflect final transaction prices.
This can help explain some of the wide divergence between the blue and green lines over the red lines in the above graph.
Existing Condo Sales Appear to Weaken
Completed transactions of existing condos in the GTA fell 3.4% from a year earlier to 3,709.
Tokyo was the main drag, with transactions down 14.5% year on year to 1,819 reported transactions.
Surrounding prefectures continued to rise:
Saitama rose 6.3% to 473 transactions.
Chiba rose 19.9% to 445 transactions.
Kanagawa rose 8.2% to 972 transactions.
By sub-region, Tokyo’s 23 wards posted a fifth consecutive monthly decline, while the Tama area recorded a second consecutive monthly increase.
Yokohama/Kawasaki and other areas of Kanagawa both posted their 19th consecutive month of growth.
Inventory Continues to Build
New on-market listings in May edged lower, but total inventory continued to rise.
New listings fell 0.8% YoY to 15,504, the first decline in two months.
Inventory rose for the third straight month to 45,804 units, up 3.4% YoY.
Single-Family Homes Remain Firmer
Completed transactions for GTA existing SFH rose for the second straight month to 1,835, up 2.9% YoY.
Tokyo was the only prefecture to decline, falling 2.3% year on year to 545 transactions.
Like existing condos, other prefectures posted gains:
Saitama rose 4.7% to 426 transactions.
Chiba rose 1.9% to 376 transactions.
Kanagawa rose 8.4% to 488 transactions.
The average sold price for existing single-family homes rose for the fifth consecutive month, increasing 8.7% year on year to JPY 42.15 million.
New listings were broadly flat but declined for the fourth consecutive month, slipping 0.9% year on year to 6,367.
Inventory also fell for the fourth consecutive month, declining 1.7% to 23,087 homes.
Further Reading:
REINS Monthly Market Watch Summary Report May, 2026 (Japanese only; offers more granular info then that outlined above. Drop the PDF into your favorite AI-bot for further details)
Source:
R.E. Port News (Japanese only)
