The Japan Real Estate Research Institute announced the results of the "Housing Market Index Second Half of 2024" on March 13th. Based on the case study data of rental and for-sale condominiums in the 23 wards provided by At Home Co., Ltd. and Ken Corporation, newly built and existing (10-year-old) condominiums in the 23 wards of Tokyo were divided into large (80 square meters or more), standard (less than 40~80 square meters), and small (less than 40 square meters), and rents and prices were aggregated and analyzed.
Rents per square meter for newly built condominiums in the five districts of central Tokyo were 7,967 yen (down 3.0% from the previous quarter), 5,751 yen (down 2.3% from the previous year), and 4,875 yen (up 0.7% from the previous year) for new construction. Existing prices were 7,146 yen (down 0.5% year-on-year), standard 5,264 yen (down 0.4% year-on-year), and small 4,585 yen (up 1.0% year-on-year). Both new and existing large and standard types remained at high levels, although they were below the highest levels in the previous fiscal year. On the other hand, sales of the small-size model continued to rise, reaching new highs.
In Tokyo's 23 districts, new construction prices were 6,728 yen (down 5.8% year-on-year), standard 3,989 yen (up 0.5% year-on-year), and small 4,042 yen (up 1.2% year-on-year). Existing prices are 6,040 yen (down 3.1% year-on-year), standard 3,689 yen (up 1.3% year-on-year), and 3,800 yen (up 1.2% year-on-year). Sales of new and existing large types fell below the previous quarter's highs, while those of standard and small types continued to rise, reaching new quarterly highs.
The price of condominiums per square meter was 2,378,000 yen (down 32.5% year-on-year) for new construction in the five wards of central Tokyo, 1,929,000 yen (down 12.0% year-on-year), and 2,395,000 yen (up 34.6% year-on-year) for small buildings. Existing prices were 2,460,000 yen (up 18.3% year-on-year), standard 1,795,000 yen (down 1.5% year-on-year), and 1,454,000 yen (up 1.5% year-on-year). Both the new large type and the standard type fell, but the small type rose. Sales of existing standard types declined from the previous quarter, while sales of large and small models increased.
In Tokyo's 23 wards, new construction was 2,139,000 yen (down 22.5% year-on-year), standard 1,647,000 yen (up 8.5% year-on-year), and small-sized 1,585,000 yen (up 1.9% year-on-year). Existing prices were 1,559,000 yen for large vehicles (up 8.3% year-on-year), 1,169,000 yen for standard items (down 0.8% year-on-year), and 1,208,000 yen for small projects (up 1.7% year-on-year). Sales of new large types declined, but sales of standard and small sizes continued to rise. Although the existing standard type declined slightly, the large and small types continued to rise.
Real Estate Distribution Research Institute Co., Ltd. "R.E.port"
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