2020-03-01

Japan 2019 Condominium Market Trends

News

The Real Estate Economic Institute released Japan’s nationwide condominium market trends for 2019.

The total number of condominiums sold nationwide in 2019 was 70,660 units, down 12.0% from the previous year. By region, there were 31,238 units sold in the Greater Tokyo Metropolitan Area (Tokyo, Chiba, Kanagawa, Saitama), a decrease of 15.9% year on year and 18,042 units sold in the Kansai region (Kyoto, Osaka, Kobe, etc.), a 13.9% year on year decrease, signaling a double-digit drop in both of Japan’s major regions.

The Tokai and Chukyo (Shizuoka, Aichi, Gifu, etc.) regions saw 4,650 units sold in 2019, a decrease of 9.1%.

Hokkaido came out on the upside with 1,390 units sold, a 15.4% increase from the previous year. Other areas which saw an increase in sales were; Tohoku (Fukushima, Akita, Miyagi) with 1,837 units for a 3.6% increase, Hokuriku (Ishikawa, Niigata, Toyama) with 453 units for a 0.7% increase and Chugoku (Hiroshima, Yamaguchi, Okayama, etc.) with 2,724 up 2.1% from 2018. The biggest loser for sales decrease across Japan was the Shikoku region (Ehime, Kagawa, Tokushima, etc.), with 465 units sold amounting to a 47.6% decrease from the year prior.

The average price per unit across Japan increased to 47.87 million yen, up 0.6% year on year, and the unit price per square meter rose to 726,000 yen, a 1.8% increase. This marks the third consecutive year that the average condominium price across Japan has risen.

The top 5 property developers with the largest supply of condominiums for sale in 2019 were; Sumitomo Realty & Development with 5,690, Pressance Corporation with 5,305, Nomura Real Estate with 3,941, Mitsubishi Estate with 3,365 and Mitsui Fudosan with 2,365.

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Source: Real Estate Distribution Network