Hi everyone,
I'm Amika, the wife of Yuta, a.k.a. the translator!
I found an article that might interest those of you looking to purchase or sell properties in the Tokyo metropolitan area. It covers the latest market trends, and I've summarized and translated it for you!
You can find the original article here: link
I hope this helps!
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Diamond Real Estate Research Institute has provided insights on the latest market trends for new and used condominiums in the metropolitan area for June 2023. The average price of new condominiums was 65.5 million yen. After a sharp rise from March, prices have settled but remain high, up 1.6% compared to last year. The first phase of the "HARUMI FLAG SKY DUO" sale received 8,790 registration applications, with an average rate of 15.3 times.
The first half of 2023 saw a record high average price for new condominiums in the metropolitan area, reaching 88.73 million yen. The average price in Tokyo's 23 wards increased by 60.2% compared to last year, although the number of units released decreased by 17.4% to 15,502. This suggests that demand for high-priced condominiums is increasing in the city center, with a reduction in supply driving up prices.
In June 2023, the new condominium market averaged 65.5 million yen per unit, up 1.6% from last year, with the price per square meter also up by 4.5%. Initial contracts fell to 67.8% compared to the previous month, but sales inventory remains low. Prices in Kanagawa and Chiba prefectures rose, while Saitama and Tokyo wards fell.
The used condominium market also remains robust, with successful transactions up 3.6% compared to last year. Contracted prices rose by 9.0%, and the average contracted price per square meter increased by 7.9%. Chiba Prefecture, in particular, has shown growth, and more buyers are looking to the suburbs.
The market for both new and used condominiums continues to show bullish trends, with noticeable increases in contracted prices for used units. Since the COVID-19 pandemic, the resale value of used condominiums has risen significantly.
The average price ranking by region has changed, with appreciation rates reaching up to +73.6% over 10 years. Home buyers emphasize factors such as shopping convenience, proximity to stations, and workplace access, and the influx into central wards is intensifying. Despite high prices, sales remain strong, with signs of demand shifting from quantity to quality.
A large-scale tower residence, "Proud Tower Sagami Ono Cross," is drawing attention for its environmentally conscious design, aiming for virtually zero CO2 emissions. Measures include carbon-neutral city gas, 100% renewable energy, high-efficiency equipment, and high thermal insulation. The sales start time is late September 2023, and it has attracted attention due to its location and features.
In summary, the real estate market in the Tokyo metropolitan area is bullish, with rising prices in both new and used condominium markets. Despite some concerns about potential future declines, the overall sentiment remains positive and strong.
(Latest market trends in the Tokyo Metropolitan area)
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