Real estateNumber of Existing Condominium Contracts in the Tokyo Metropolitan Area Reaches a Record High

1291 min

The East Japan Real Estate Distribution Organization, also known as “Reins,” an organization that operates the central Japanese real estate database, announced a trend in the real estate distribution market in the Tokyo metropolitan area for the period from July to September 2019.

The number of contracts for second-hand (already-existing) condominiums in the Tokyo metropolitan area was 9,406 (up 8.3% year-on-year), surpassing the previous year’s results for the fourth consecutive quarter. Q3 was the highest in history since “Reins” was founded in May 1990. By region, there were 5,026 in Tokyo (up 11.3%), 1,036 in Saitama (up 4.2%), 1,089 in Chiba (up 5.1%), and 2,255 in Kanagawa (up 5.4%).

The average contract price per square meter was 537,200 yen (up 3.6% year-on-year), rising for 27 consecutive quarters since the January-March period of 2013. The average contract price was 34,440,000 yen (up 4.0% year-on-year), surpassing the previous year’s results for 28 consecutive quarters since October-December 2012. The number of new registrations was 51,044 (up 1.4%).