Greater Tokyo FY 2025 new condos supply lowest since 1973
- Adam German
- 14 hours ago
- 2 min read
Supply of brand-new condominiums in the Greater Tokyo Area (GTA) fell to its lowest level on record in fiscal 2025, according to data released April 20 by the Real Estate Economic Institute.
A total of 21,659 new condominium units were launched across the region during the fiscal year (April 2025–March 2026), down 2.6% from the previous year.
Supply declined for a fourth consecutive year, marking the lowest level since the survey began in 1973.
By area, Tokyo’s 23 wards recorded 7,708 units, a 6.8% decrease year-on-year.
Supply in Tokyo’s non-23 wards rose to 2,798 units, up 40.4%.
Elsewhere in the GTA, Kanagawa Prefecture saw 4,997 units launched, an increase of 9.0%, while supply declined in Saitama, where 2,939 units were released (down 14.2%), and Chiba, where 3,217 units came to market (down 18.8%).
Initial Contract Rates Remain in the 60 Percent Range
The initial-month contract rate for newly released GTA units averaged 62.9%, down 3.9 percentage points from the previous fiscal year.
The figure has remained in the 60% range for three consecutive years.
In the brand-new condo market, the initial contract rate measures the percentage of units sold during the first phase of sales within the first month of a project’s launch.
Across Japan and other developed condominium markets, an initial contract rate of around 70% or higher is commonly regarded as a benchmark for strong early sales performance, meaning the fiscal 2025 GTA overall rate has remained below the 70% threshold.
Meanwhile, unsold inventory reached 6,409 units at the end of March, an increase of 293 units compared with the end of March 2025.
New Condo Prices Continue to Climb
Despite declining supply, prices for brand-new condominiums continued to rise.
The GTA average price per unit reached ¥93.83 million, while the average price per square meter climbed to ¥1.419 million, increases of 15.3% and 15.4% respectively from the previous fiscal year.
The GTA average unit price has now risen for five consecutive years, while the price per square meter has increased for 14 straight years.
Both measures have set new record highs for the fifth consecutive year.
GTA regional pricing differences remained significant however.
In Tokyo’s 23 wards, the average price reached ¥137.84 million, while the price per square meter climbed to ¥2.143 million, increases of 18.5% and 20.9% respectively.
The average unit price in the 23 wards has remained above ¥100 million for three consecutive years.
In Tokyo’s non-23 wards, the averages were ¥68.23 million per unit and ¥1.05 million per square meter, up 12.5% and 10.5%.
In Kanagawa Prefecture, prices averaged ¥74.81 million per unit and ¥1.129 million per square meter, increases of 13.6% and 11.9%.
Saitama recorded ¥63.06 million per unit and ¥951,000 per square meter, rising 7.0% and 6.0%.
In Chiba, prices averaged ¥68.28 million per unit and ¥960,000 per square meter, increases of 21.8% and 19.6% respectively.
Further Reading:
FY 2025 Real Estate Economic Institute Brand New Condo White Paper (Japanese only)
Source:
R.E. Port News (Japanese only)
