日本語で見る

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　

Summary

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.

 

Rental Apartments & Houses in Tokyo
Listings of popular and luxurious rental apartments, condominiums, and houses designed with expats in mind.
Apartments & Houses for Sale in Tokyo
Listings of apartments, condominiums, and houses available for purchase in Tokyo.

Related Posts

  • Buying Land and Building a House on it Land search and purchase

    Buying Land and Building a House on it - Land search and purchase
    Buying land to build a house begins with finding the land you want to purchase.　 Once you have decided on the area where you want to live, the image of the house you want to build, and your approximate budget, check the requirements of the land to determine what kind of land you should look for.　 Here are some points to keep in mind when looking for land.
  • The Quality of Homat Series Apartments in Tokyo

    The Quality of Homat Series Apartments in Tokyo
    Homat apartments are one of the most famous apartments in Tokyo that are designed specifically for expats. Along with an explanation of Homat brand's apartments we have made a comprehensive list of all the Homat apartments located in central Tokyo and its suburbs.
  • How to rent out a residential property in Japan – Long-term vs short-term vs minpaku

    How to rent out a residential property in Japan – Long-term vs Short-term vs Minpaku (Vacation Rentals)
    Here's what you need to know about renting out your property by the week, month, or as private lodging. There are multiple ways you can rent out and investment property in Japan. We have put together an easy to follow guide that points out the advantages and disadvantages of each leasing method.
  • Apartment Renovation Costs and Renovation Examples

    Apartment Renovation Costs and Renovation
    The cost of renovating a condominium varies depending on the scope of work, equipment, and the specifics of the renovation. Here, we provide a rough estimate of condominium renovation costs for each area of the home. Additionally, in our examples of condominium renovations, we introduce the approximate construction costs for renovating areas such as the living-dining room, kitchen, and individual rooms.
  • Capital Gains Tax on Property Sales in Japan

    Capital Gains Tax on Property Sales in Japan
    This guide explains the calculation of capital gains tax and other relevant taxes and deductions for real estate sales in Japan.
  • Expat Living in Tokyo: Navigating the Rental Housing Market

    Expat Living in Tokyo: Navigating the Rental Housing Market
    Discover the essential tips for finding expat-friendly apartments in Tokyo. Learn about key features, popular neighborhoods, and the rental process in Japan's capital.
Exterior of Grand Maison Jingumae
Sale Property tag
Grand Maison Jingumae

Grande Maison Jingumae is located in Omotesando, where famous fashion brands stand side by side, in the center of trends, but also in a place where you can feel the good old atmosphere of Tokyo's Shibuya district, in a secluded location. The stores on Omotesando itself are changing at a dizzying pace, and it is very exciting to live in a place where you can watch the energy of the trends being created daily from the street. On the other hand, Meiji Jingu Shrine is also within walking distance, so you can take a daily stroll and get in touch with nature.

JPY 154,800,000

Exterior of Cressent Azabu View Tower
Sale Property tag
Cressent Azabu View Tower

Located in a quiet area with a clear view of Tokyo Tower, Crescent Azabu View Tower Within walking distance of the entertainment district of Roppongi Within walking distance of Nogizaka, which has art museums and an artistic atmosphere 8 minute walk to Azabudai Hills and large commercial facilities Azabu-juban and Akabanebashi stations, two subway lines that lead to the heart of the city, within a 10-minute walk Everything is high-spec in this neighborhood.

JPY 169,800,000

Exterior of Harumi Island Triton Square View Tower
Sale Property tag
Harumi Island Triton Square View Tower

Harumi Island Triton Square View Tower is a steel-framed reinforced concrete structure (partly steel-framed, partly reinforced concrete) with 50 floors above ground and 2 floors below, totaling 624 units, located in Harumi 1-chome, Chuo-ku, a 7-minute walk from Tsukishima Station on the Tokyo Metro Yurakucho Line and a 9-minute walk from Tsukishima Station on the Toei Oedo Line. This large-scale tower condominium is located in Harumi 1-chome, Chuo-ku, Tokyo. In the surrounding area, supermarkets and convenience stores convenient for daily shopping are located within a 5-minute walk, and parks are also nearby. Hospitals are also accessible within a 10-minute walk, providing all the facilities necessary for daily life. The educational environment is also a safe location for households raising children. This residence is suitable for those seeking a comfortable life in the city center. The management system is fully outsourced, with day shift management, and large-scale repair work was conducted from 2009 to 2010.

JPY 124,000,000 - 169,800,000

Exterior of CRESCENT MEGURO 3
Sale Property tag
CRESCENT MEGURO 3

Crescent Meguro III was built in November 2000 constructed by Aoki Corporation and formerly sold by Morimoto Co. It is a 9-minute walk from Meguro Station, which has access to four lines (JR Yamanote Line, Tokyo Metro Namboku Line, Toei Mita Line and Tokyu Meguro Line), a 10-minute walk from Gotanda Station on the JR Yamanote Line and a 13-minute walk from Shirokanedai Station on the Tokyo Metro Namboku Line and Toei Mita Line. Ikedayama Park and the Botanical Garden with Forest (National Museum of Nature and Science in Shirokanedai) are also within walking distance, providing a green living environment despite being in the city centre. The building is an eight-storey reinforced concrete structure with a total of 34 units and is equipped with auto-locks and delivery boxes. The large-scale of building repair is planned to undertake from 1 July 2025 to 30 November 2025.

JPY 203,000,000

Exterior of Park Tower Shibakoen
Sale Property tag
Park Tower Shibakoen

Park Tower Shiba Koen was constructed in December 2012 by Shimizu Corporation and formerly developed by Mitsui Fudosan Residential, and is built to new earthquake resistance standards. It is a 4-minute walk from Shibakoen Station on the Toei Mita Line and a 4-minute walk from Akabanebashi Station on the Toei Oedo Line. The building is a 24-storey reinforced concrete, partly steel-framed structure with a total of 98 units and is equipped with an auto-lock system and security cameras. The building has a hotel-like internal corridor design, with a highly private approach from the lift to each unit. The building is within easy reach of Azabu Juban and Tokyo Tower in the heart of Minato Ward, as well as the large-scale commercial complex Azabudai Hills and the Tokyo Bay areas of Hamamatsucho and Shibaura, which are undergoing redevelopment.

JPY 200,000,000

Exterior of Shibaura Island Grove Tower
Sale Property tag
Shibaura Island Grove Tower

Shibaura Island Grove Tower was designed and constructed by Kajima Corporation and developed by Mitsui Fudosan and other developers in November 2006. With a total of 833 units and 49 floors above ground, it is a symbolic high-rise tower condominium in Shibaura. The common areas include a garbage station on each floor, concierge service, 24-hour manned management, and an auto-lock system for security. There is a view lounge on 30F, fitness room (2F), guest room (2F), party room (1F), tennis court, and other common facilities. There is also a garden terrace where you can barbecue, and a cherry blossom plaza on the premises, creating a spacious landscape. Pets are allowed in the apartment (with detailed regulations).

JPY 237,800,000

© 2025 PLAZA HOMES, LTD.