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  • Writer's pictureAdam German

GTA second hand condo transaction prices rise for 43 straight months

Updated: Jan 16

On January 12th, the Real Estate Information Systems (REINS; pronounced “rains”) announced the trends in the real estate market in the Greater Tokyo Area (GTA) for December of 2023.


The report focused on second hand condo transactions only, not brand new.


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


All percentages delineate Year-on-Year (YoY) changes, or the change from the same month of the previous year.


REINS is an MLS-like system in Japan where seller agents list their properties for buyers agents to find in a searchable database.  Consumers can not access REINS, only licensed agents can.  The below averages is to illustrate trends only and is no way a guarantee.  Always consult a licensed realtor for your specific property needs. 

The number of transactions for second hand condos in the GTA reached 2,941 units, showing a 3.7% increase, marking the seventh consecutive month of surpassing the previous year's figures. 


Japan’s real estate industry doesn’t require agents to list transaction prices but asks agents to report trades voluntarily.  As such, the below shouldn’t be seen as derivative data taken from a complete set of transaction data like one would find in the USA or Canada.  However, there is enough reporting to gauge trends on where the market is going.

Broken down by prefecture: 

Prefecture

No. of Transactions

% Change YoY

Tokyo

1634

3.5% up

Kanagawa

649

3.2% up

Saitama

323

1.3% up

Chiba

335

8.4% up


The GTA average transaction unit price per square meter rose to ¥748,200 (a 7.0% increase), marking a continuous upward trend for 44 months since May, 2020. 


The GTA average transaction price per transaction reached ¥47.84 million (a 9.4% increase), marking the 43rd consecutive month of increase. 


The GTA average floor area also increased to 63.94 square meters (a 2.3% increase).


The number of new second hand condo listings increased to 14,744 units (a 1.2% increase), a twelfth consecutive month of increase. 


Overall inventory increased to 46,528 units (an 11.7% increase), marking the 23rd consecutive month of growth.


Further Reading:

REINS December 2023 second hand condo transaction report (Japanese only with more granular data points)

mw_202312_summary
.pdf
Download PDF • 1.08MB

Source:

R.E. Port News (Japanese only)

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