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Real estate market trends

[Tokyo Metropolitan Investment Apartment Market Trends: 2023 Overview and H1 2024 Insights ]

On August 6, 2023, the Real Estate Economics Institute announced the “Tokyo Metropolitan Investment Apartment Market Trends: 2023 Overview and H1 2024 Insights. ”

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According to the “2023 Overview ”, there were 105 investment projects and 4,796 units sold in 2023. While the number of projects decreased by 19.8% year-on-year, the number of units decreased by 19.5%.

The annual supply of investment apartment units in the Tokyo metropolitan area averaged around 6,000 units from 2019 to 2022 but significantly decreased in 2023, falling below 5,000 units for the first time since 2010.

■Average selling price: JPY 32.59 million (▲0.8% year-on-year)

■Price per square meter: JPY 1.249 million (+2.9 % year-on-year)

In terms of unit supply, Minami-ku, Yokohama takes the lead with 553 units, followed by Shinagawa-ku, Tokyo (385), Naka-ku, Yokohama (312), Nakahara-ku, Kawasaki (307), and Sumida-ku, Tokyo (303).
Collectively, these top five areas constitute 38.8% (1,860 units) of the total supply.

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According to the "H1 2024 Insights ", there were 56 investment projects and 2,167 units sold in the first half of 2024. While the number of projects did not change year-on-year, the number of units decreased by 23.2%.

■Average selling price: JPY 35.95 million (+13.0 % year-on-year)

■Price per square meter: JPY 1.352 million (+11.5 % year-on-year)

In terms of unit supply, Ota-ku, Tokyo takes the lead with 270 units, followed by Kanagawa-ku, Yokohama (249), Koto-ku, Tokyo (227), Taito-ku, Tokyo (198), and Sumida-ku, Tokyo (172).
Collectively, these top five areas constitute 51.5% (1,116 units) of the total supply.

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Especially within Tokyo's 23 wards, fierce competition to acquire land continues, so the supply in the suburbs is expected to increase for the time being.

*Source: Real Estate Economic Institute Co.,Ltd.