The Real Estate Transaction Promotion Center released its latest report on August 13th, highlighting average nationwide existing property trends for July 2024.
AI image generated from the prompt "Tokyo condo interior as seen from outside the window. The weather is bright and sunny, warming the interior." The above image was the 50th or so attempt using the same above prompt.
Japan condo market: July sees significant gains in second-hand prices
The average contract price for second-hand (existing) condominiums surged to ¥39.16 million in July 2024, reflecting a robust 7.91% increase compared to July 2023.
This marks the first time in three months that prices have exceeded ¥39 million.
The average price per square meter also climbed to ¥591,800, representing a 6.78% year-on-year (YoY) increase.
Notably, this marks the 50th consecutive month of YoY price gains, underscoring the resilience of the market.
The average floor area of contracted condominiums was 67.21 square meters, a 0.96% increase from the previous year, showing positive growth for the second consecutive month.
Meanwhile, the average building age crept up by 2.35% to 25.26 years, continuing an upward YoY trend for the third consecutive month.
However, the number of reported sales contracts slightly decreased by 0.53% to 6,037.
Japan existing single-family homes: steady growth continues
Looking at second-hand (existing) single-family homes, the average contract price rose by 1.78% to ¥26.37 million, and the average building area increased by 2.66% to 115.29 square meters, both continuing a five-month trend of positive growth.
Additionally, the average land area expanded by 7.48% to 211.00 square meters.
The average building age increased marginally by 0.47% to 27.78 years.
The number of reported sales contracts saw a significant rise of 7.39%, totaling 3,936, marking the 15th consecutive month of growth.
Further Reading:
REINS July 2024 Property Trends Report (Japanese only; more granular details than outlined above)
Source:
R.E. Port News (Japanese only)
Kommentarer