The number of existing condominium transactions in the Tokyo metropolitan area increased by 3.4% to 36,595 units, exceeding the previous year for the first time in two years. By prefecture, Tokyo saw an increase of 5.0% to 19,879 units, Saitama increased by 1.4% to 3,980 units, Chiba increased by 0.8% to 4,252 units, and Kanagawa increased by 2.2% to 8,484 units.
The average transaction price per square meter increased by 7.5% to an average of ¥736,700, and the average transaction property price increased by 8.2% to ¥47 million, both marking the 11th consecutive year of increase. The average floor area of the transaction property increased by 0.7% to 63.80 square meters, exceeding the previous year for the first time in three years. The average age of the buildings increased to 23.80 years from 23.48 years the previous year, indicating aging. The number of newly registered properties was 196,431 units, an 8.4% increase from the previous year.
The number of existing detached houses transactions was 13,160 units, a 0.2% increase, exceeding the previous year for the first time in two years. The number of new detached house transactions was 4,949 units, a 13.3% increase, exceeding the previous year for the first time in three years.
In the first quarter of 2024, the number of existing condominium transactions in the Tokyo metropolitan area was 9,871 units, a 6.6% increase from the same period last year. The average transaction price was ¥757,800, a 9.8% increase, marking the 15th consecutive quarter of year-on-year growth since the July-September period of 2020. The average transaction property price increased by double digits to ¥48.45 million, marking the 46th consecutive quarter of year-on-year growth since the October-December period of 2012. The number of newly registered properties was 51,102 units, a slight decrease of 0.1%.
The number of existing detached house transactions was 3,478 units, a 9.1% increase, and the average transaction property price was ¥39.64 million, a 2.4% increase.
Reprinted from: Real Estate Distribution Research Institute Co., Ltd. “R.E.port”
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