Pre-owned Condominium in Tokyo Trends and fluctuations 2023

Poste date: Wednesday, May 8, 2024

We have summarized here the transaction trends for the year 2023 of pre-owned condominium apartments in the Tokyo metropolitan area (Saitama, Chiba, Kanagawa) which is commutable to Tokyo including the central Tokyo area.

Trends and fluctuations 2023

Number of contracts

In 2023 the number of contracts signed for pre-owned condominiums was 35,987, exceeding the previous year for the first time in 2 years (1.6% increase from 2022).

Price Trend

The average price of pre-owned condominiums sold in 2023 was 45.75 million yen (7.0% increase from the year 2022), which was increase for 11th consecutive year, although the rate of increase decreased (compared to the year 2022’s 10.5% increase from 2021).  

The average unit price per 1m2 was JPY719,000 (6.9% increase from the year 2022), which was also increase for 11th consecutive year and has risen by 88.3% in the past 11 years, although the rate of increase was also less than the year 2022’s 12.4% increase from 2021.



Average Exclusive Area 

The average exclusive area of condominiums sold in 2023 was 63.63m2 (0.06% increase from the year 2022), which was a slight but the first increase in 3 years.



Average Age

The average age of condominiums sold in 2023 was 29.41years old (28.16years old in 2022), which is even more aging.

Data:Real Estate Information Network System (REINS)

Price rise factors of pre-owned condominiums in Tokyo Metropolitan Area

Pre-owned condominium prices in the Tokyo metropolitan area continue to rise. The possible reasons for the price increase are as follows:

Continued low interest rates in Japan  

With the lower interest rate of housing loans under the Government’s continued low interest rate policy in Japan, the number of prospective housing buyers is increasing.

Increased construction costs

Due to global inflation, conflicts, etc., construction material costs are soaring, and due to labor shortages, labor costs are also on the rise.

Increase in investment from overseas and foreign buyers

Due to the significant depreciation of the Japanese yen in 2022, the number of foreigners who purchase real estate in Japan with foreign currency is increasing. In addition to the trend of Japanese yen’s depreciation, the value of real estate in Tokyo is less expensive than that in other developed countries, and it is also one of the factors of the increase.

Increase in high-income households

The number of households called power couples who have an annual household income over JPY10 million and can purchase expensive real estate is increasing among the younger generation. Purchases by wealthy people other than such younger generation are also increasing.

Decrease in supply of newly built apartments

The continuing decline in the supply of new apartments is also affecting the rise in the market value of pre-owned apartments.

Rise in land prices

The increase in land prices has raised the asset value of condominium apartments, and the price of them are rising.

See our website: Official Land Prices of Japan in 2024 

Changes in lifestyles due to the spread of telework

With the increase in working remotely, more and more people are seeking apartments with coworking spaces, units with a space that can be used as a workroom.

See our website: Rental Apartments with Co-working Spaces 


In 2023, the market trend of pre-owned condominiums in the Tokyo metropolitan area resulted in a slight increase in the number of contracts signed and an increase in prices for 11 consecutive years. Due to the fact that the average price of newly built condominiums in Tokyo's 23 wards has exceeded 100 million JPY and the impact of various other social conditions, the price of pre-owned condominiums is expected to rise continuously after 2024.


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Exterior of Grancity Yutenji Lapheale
Sale Property tag

JPY 79,800,000

Exterior of THE KITA
Sale Property tag

THE KITA, designed by Kengo Kuma, who also designed the Olympic National Stadium, or Park Court Akasaka Hinokicho Tower, and many other architectures in the world, and developed by Canadian developer, Westbank, was built in July 2020. This middle-sized condominium with 5 stories above ground and 2 basement levels, total unit number of 12, is the one and only, refined, and protect privacy for the affluent class. Located in a quiet area away from the busiest area of Harajuku commercial district, the building blends in with nature and the cityscape, and the metal louvered facade has a modern, and sophisticated, yet feeling of Japanese atmosphere. The concierge is trilingual (Japanese, English, and Chinese) and provides attentive services to international owners. Flat parking spaces and a trunk room are available for the total number of units. Up to 2 pets are allowed. (Size restrictions apply).

JPY 780,000,000

Exterior of Grand Suite Azabudai Hilltop Tower
Sale Property tag

Luxury tower residence on Azabudai hill with a view of the Tokyo American Club below. The redevelopment site of Mori Building's Toranomon and Azabudai project is just in front of the building. So, it’s located in a truly remarkable area. 24-hour manned management. Garbage dumpster on each floo. Common facilities: 26th floor Sky Lounge, 4th floor Lounge, 1st floor Guest room.

JPY 228,000,000 - 698,000,000

Exterior of Park Tower Shinagawa Bayward
Sale Property tag

This 32-story condominium apartment features a stylish appearance and is located in the Konan area, a 12-min walk from Shinagawa Station. There are a supermarket and convenience store within a 4-min walk and various shopping facilities around the station. The apartment comes with various shared facilities such as a view deck, lounges, and meeting rooms, and offers 1LDK to 3LDK units with high grade equipment such as bathroom dryer, floor heating, and various kitchen equipment.

JPY 154,800,000 - 180,000,000

Exterior of Capital Mark Tower
Sale Property tag

Capital Mark Tower, vibration-controlled 47 storied with 1 basement levels structure, total number of the units 869, was completed in October 2007, developed by 4 companies including Tokyu and Mitsubishi, and built by Kajima. This high-rising condominium is located 8min walk from Tamachi stn. on JR lines, and 9min walk from Mita stn. on subway Toei Mita line. There are ongoing redevelopment project surround Tamachi and Shinagawa area, and office / commercial complex buildings and residential high-rise condominiums to be completed. ◆Full common facilities that big community can ooffer◆ Concierge service, and 24-hour manned security management. Security system Guest room with Jacuzzi (25F) Capital Sky Lounge (24/ 25F)  Fitness room (2F) Garden Lounge (2F) Party room (2F) Kids' room (2F) AV theatre (2F) Convenience store (2F) Dust stations on each floor (24h rubbish disposal) Delivery boxes Pets friendly Carriage porch

JPY 219,800,000