Key Facts
• On August 20, Real Estate Economic Institute released July condo market data.
• Condo sales in Tokyo metropolitan area rose 34.1% year-on-year to 2,006 units.
• Average price per unit increased 28.4% to 100.75 million yen, surpassing 100 million yen for the first time since March.
• Tokyo’s 23 wards saw a 71.6% sales increase, reaching 1,045 units.
• Average price in Tokyo’s 23 wards rose 24.4% to 135.32 million yen.
• High-end properties contributed to the price surge.
• Initial contract rate improved to 68.0% but remained below the 70% benchmark.
• Approximately 1,000 units are expected to be launched in August.
Summary
In July, the Tokyo metropolitan area saw a 34.1% year-on-year increase in new condo sales, totaling 2,006 units, according to the Real Estate Economic Institute. The average price per unit rose 28.4% to 100.75 million yen, marking the third consecutive month of price increases and the first time exceeding 100 million yen since March. Tokyo’s 23 wards experienced a significant 71.6% sales growth, with an average price of 135.32 million yen, up 24.4%. High-end properties drove the price surge. The initial contract rate improved to 68.0%, though it remained below the 70% threshold. Around 1,000 units are projected for release in August.
