CONCIERIA, the property brand of CLEARTH LIFE in Tokyo

Real estate market trends

On July 20, 2023, the Real Estate Economics Institute announced the "Tokyo metropolitan area new apartment market trends for the first half of 2023 (January - June). " 

■Number of units sold: 10,502 units (down for the second consecutive year).
■Average selling price: JPY 88.73 million (JPY 1.321 million/sqm),
  significantly hitting an all-time high.
■Contract rate in the first sales month: 72.7% (over 70% for 3 consecutive years).

In the 23 wards of Tokyo, 4,902 units were sold in the first half, with an average selling price of 129.62 million yen (+60.2% year-on-year).This marked the first time it has exceeded 100 million yen since the survey began in 1973, surpassing the 1991 record of 97.38 million yen, making it the first time in 32 years.High-end apartments in Minato-ku and tower condominiums in Shinjuku-ku contributed to the rise in the average selling price, reaching an all-time high.

The average selling price of new apartments in the Tokyo metropolitan area (Tokyo, Kanagawa, Saitama, Chiba) in the first half was 88.73 million yen (+36.3% year-on-year), and the unit price per square meter was 1.321 million yen (+35.2% year-on-year), marking both the second consecutive year of increase.

Average selling price and unit price per square meter for different areas

■Tokyo Metropolitan area: JPY 88.73 million/unit, 1.321 million/sqm
■Tokyo 23 wards : JPY 129.62 million/unit, 1.924 million/sqm
■Tokyo except for 23 wards: JPY 56.09 million/unit, 846,000/sqm
■Kanagawa Prefecture: JPY 57.48 million/unit, 869,000/sqm
■Saitama Prefecture: JPY 50.19 million/unit, 772,000/sqm
■Chiba Prefecture: JPY 47.66 million/unit, 679,000/sqm

According to the Real Estate Economic Research Institute, “Construction costs continue to rise due to soaring material prices, so sales prices will continue to rise moderately. ”