On January 25th, the Real Estate Economic Institute released its Greater Tokyo Area Condominium Market Trends report for the entirety of 2021.

The Greater Tokyo Area (GTA) consists of Tokyo, Saitama, Kanagawa and Chiba prefectures.

The number of condominiums listed in the GTA in 2021 was 33,636 condos, up 23.5% from the previous year, surpassing the 30,000 mark for the first time in two years and exceeding the 31,238 units supplied in 2019.

By region for 2021, there were 13,290 units in Tokyo’s 23 wards (up 21.8% YoY), 2,921 units in the Tokyo’s non-23 wards (down 9.9% YoY), 8,609 units in Kanagawa Prefecture (up 54.1% YoY), 4,451 units in Saitama Prefecture (up 32.2% YoY), and 4,365 units in Chiba Prefecture (up 5.9% YoY).

The GTA average price per condo rose for the third consecutive year to 62.6 million yen (up 2.9% YoY). 

The GTA average price per square metre was 936,000 yen (up 1.2%), the ninth consecutive year of increase and the highest level since 1990.

The first month contract rate was 73.3% (up 7.3% YoY), surpassing the 70% level for the first time in six years.  The contract rate signifies new condo building sales rate in the first month of sales.  Above 70% signifies healthy buyer demand. 

According to the Real Estate Economic Institute, 34,000 condos are estimated to be listed in 2022 (up 1.1% YoY).

Further Reading

Real Estate Economic Institute 2021 Greater Tokyo Area Condominium Market Trends (Japanese only, January, 2022)