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  • Writer's pictureAdam German

Tokyo average second hand condo 2023 prices rise for 11th straight year

On January 22nd, the Real Estate Information Network Systems (REINS; pronounced “rains”) announced transaction trends in the Greater Tokyo Area (GTA) for 2023.


REINS is an agent-only accessed multiple listing service for Japan’s real estate industry..


In the GTA, the number of transactions reported for second hand condos reached 35,987 units, marking a 1.6% increase compared to 2022 and surpassing the previous year for the first time in two years. 


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


Japan real estate law doesn’t require agents to list transaction prices and the information presented here is derived from voluntarily submitted transaction records.  The numbers shown are meant as averages for trend illustration purposes and in no way guarantee pricing of any kind.  Always consult a licensed realtor for your specific property needs.

Broken down by prefecture:

Prefecture

Number of 2023 Units

Compared to 2022

Tokyo

19,465

3.2% up

Kanagawa

8,482

2.5% up

Saitama

3,860

4.7% up

Chiba

4,180

1.7% up

The GTA average transaction price per square meter increased by 6.9% to ¥719,000, and the average transaction property price rose by 7.0% to ¥45.75 million. 


Both figures have been on the rise for 11 consecutive years.  


The average build age of the transacted condos was 23.83 years, compared to the 2022's 23.33 years. 


The number of new listings in 2023 to 196,490 units, a 15.3% increase from 2022.


For GTA second hand single family homes (SFH) in 2023, the number of reported transactions was 12,871 units, marking a 4.3% decrease for the second consecutive year. 


The number of transactions for brand new SFHs was 4,750 units, a 10.2% increase and the first time surpassing the previous year in three years.


Further Reading:

Real Estate Information Network Systems GTA 2023 Report

mw_202312_summary
.pdf
Download PDF • 1.08MB

Source:

R.E. Port News (Japanese only)


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