On October 11th, the Real Estate Information Network for East Japan (REINS) released the Real Estate Market Trends in the Greater Tokyo Area (GTA) for September, 2021.

The GTA consists of Tokyo, Saitama, Kanagawa and Chiba prefectures. 

The average contract price per square meter rose for the 17th consecutive month year-on-year (YoY), to 621,300 yen (up 11.0% YoY). 

This average takes into account all prefectures in the GTA, not just Tokyo hence why the number might look low if you are used to seeing pricing in the capital.

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Source: Real Estate Information Network for East Japan

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Note - The chart above is only showing 2021 month-on-month data whereas the article is referring to monthly year-on-year comparisons.

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The number of contracts executed for second hand condos in the GTA for September decreased to 3,176 (down 4.6% YoY), the third consecutive month of year-on-year decline. 

Looking at contracts executed by prefecture, Tokyo saw 1,610 contracts (down 6.0% YoY), Saitama 390 (up 0.8% YoY), Chiba 403 (down 1.9% YoY), and Kanagawa 773 (down 5.4% YoY).

The average contract price rose for the 16th consecutive month, to ¥39.85 million (up 7.9% YoY). The number of newly registered properties in September was 13,637 (down 7.0% YoY) bringing the total inventory to 34,742 (down 15.5% YoY).

The number of contracts for existing second hand freestanding homes across the GTA was 1,225 (down 5.0% YoY), down for the second consecutive month. The average contract price rose for the eleventh consecutive month, to 34.87 million yen (up 9.8%).

Click here to see the original PDF release. (Japanese only).

Further Reading:

Survey Says Buying Property in Tokyo Has Become More Difficult (REthink Tokyo; September, 2021)