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Greater Tokyo existing condo prices rise for 12th straight year in 2024

Writer's picture: Adam GermanAdam German

The Real Estate Information Network for East Japan (REINS) announced on January 22 the property sales trends for the Greater Tokyo Area (GTA) real estate market for the full 2024 year.  


The GTA consists of Tokyo, Kanagawa, Chiba and Saitama prefectures. 


Greater Tokyo Average Prices Continue Record-Setting Growth in 2024


The average price per square meter of existing condominiums increased by 6.9% year-on-year (YoY) to ¥768,800, while the average transaction price also rose by 6.9%, reaching ¥48.9 million.  


Both figures have now climbed for 12 consecutive years, with the average price per square meter more than doubling during this timeframe. 


Properties priced above ¥50 million saw both a rise in transaction volume and an increased share of total sales.


The average age of sold properties also rose slightly, reaching 24.53 years in 2024, up from 23.83 years in 2023. 


Sales Transactions Increase for Existing Greater Tokyo Condos in 2024 


The total number of GTA existing condominium sales rose by 3.4% year-on-year to 37,222 units, marking the second consecutive year of growth.  


GTA prefectural breakdowns are as follows: 

Prefecture

No. of 2024 Transactions

YoY % Change

Tokyo

20,091

3.2% up

Kanagawa

8,514

0.4% up

Chiba

4,483

7.2% up

Saitama

4,134

7.1% up

The number of newly listed GTA properties dropped by 2.9% compared to the previous year, totaling 190,880 units for the year. 


Greater Tokyo Existing Single-Family Home Market Shows Mixed Results in 2024


Sales of existing single-family homes (SFH) rose 10.2% YoY to 14,182 transactions, marking the third consecutive year of growth. 


Sales of newly built SFHs fell 0.5% YoY to 4,725 transactions, reversing two years of growth. 


Further Reading: 

Real Estate Information Network for East Japan 2024 Property Sales Trends Report (Japanese only; provides more granular data than outlined above) 



Source: 

R.E. Port News (Japanese only) 

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