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  • Writer's pictureAdam German

Greater Tokyo rising condo prices slow in 2023 second half

On March 1st, Tokyo Kantei published the results of its survey on the trend of average market prices for second hand condos between July and December of 2023 for the Greater Tokyo Area (GTA).


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


The survey targeted properties that are within 10 years of age (plus or minus 5 years), within a 15-minute walk from the nearest station, and have either more than three cases of existing transactions or more than 2% of the total number of units in a building. 


The average market price per tsubo in the GTA for second hand condos was reported as ¥3,346,000, a 1.0% increase from the previous term, marking the 22nd consecutive half year term of increase.

1 tsubo equals 3.3058 square meters

However, the slower rising trend from 2022 has intensified. In the 23 wards of Tokyo, the average price per tsubo rose to ¥4,087,000, a 0.9% increase, but the rate of increase fell below 1% for the first time in 14 half year terms.


Broken down by GTA prefectures:

Prefecture

Avg. price per tsubo

Change from 1st half of 2023

Tokyo

¥3,879,000

0.8% up

Kanagawa

¥2,538,000

1.5% up

Chiba

¥2,111,000

5.9% up

Saitama

¥2,111,000

0.7% down

In Saitama Prefecture, despite an increase rate of more than 6% since 2021, the average price was ¥2,111,000 (a 0.7% decrease), marking the first negative turn in six terms.


Regarding historical trends for Tokyo’s Central 5 Wards:


Tokyo central 5 ward price per tsubo trend graph

Courtesy of Tokyo Kantei, translated by Patience Realty.  Each year has two data points; 1st half of the year and 2nd half.


The above chart is data translated from the Tokyo Kantei report, which goes into further granular detail throughout the GTA. 


The full report can be found below.


Further Reading:

Tokyo Kantei July to December 2023 GTA Second Hand Condo Report (Japanese Only)

market price20232H_shuto
.pdf
Download PDF • 486KB

Source: 

R.E. Port News (Japanese only) 

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