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  • Writer's pictureAdam German

Tokyo average condo transaction price rises for 41st straight month

Japan’s Real Estate Information Systems for East Japan announced on November 10th the October results on the Greater Tokyo Area (GTA) property transactions for second hand condos.


The number of reported transactions reached 3,287 units, marking a 7.0% increase Year-on-Year (YoY), or compared to the same month last year, and continuing a 5 month upward trend. 


Broken down by prefecture:

Prefecture

Oct. 2023 # of Condos Sold

YoY % Change

Tokyo

1,774

7.4% up

Kanagawa

787

11.0% up

Saitama

357

7.5% up

Chiba

369

2.6% down

While Chiba extended a 3 month long decline, Tokyo, Saitama, and Kanagawa saw continued consecutive increases.


The average transaction price per square meter rose to ¥745,500, a 7.4% increase YoY, extending the consecutive upward trend to 42 months. 


The average transaction price per condo reached ¥47.65 million, an 8.4% increase YoY, marking 41 straight months of growth. 


The number of newly listed properties increased for the 10th consecutive month, reaching 17,036 units, a 3.6% increase YoY, showing a slight growth slowdown from previous months. 


While new listing growth has somewhat narrowed, the total listed inventory of condos for sale reached a total of 46,312 units, a 14.9% increase YoY, marking the 20th consecutive month of growth. 


Turning to single-family homes (SFH), the number of GTA transactions reached 1,220 units for October, a 0.7% increase YoY, ending 22 straight months of transaction declines. 


The average SFH transaction price was ¥39.47 million, a 5.9% increase YoY.


Further reading:

REINS October transaction trends report for the GTA in October 2023 (Japanese only)

mw_202310_summary
.pdf
Download PDF • 1.11MB

Source:

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