Japan’s nationwide condominium stock reached 7.7 million units as of December 31, 2024, according to data released by Tokyo Kantei on January 30.
While supply continues to grow in Tokyo and Osaka prefectures, aging stock remains an issue, with 39.7% of nationwide condo units now over 30 years old.
Aging Condos Dominate Raising Long-Term Concerns
Japan’s total condominium inventory according to Kantei stood at 7,702,392 units, with older buildings making up a significant portion:
Under 10 years old: 1,151,585 units (14.9%)
11–20 years old: 1,559,589 units (20.2%)
21–30 years old: 1,926,615 units (25.0%)
31–40 years old: 1,422,809 units (18.4%)
Over 40 years old: 1,641,794 units (21.3%)
With very close to four out of ten condominiums now over 30 years old, the nation faces growing challenges related to building maintenance, renovation demand, and disaster resilience.
That said, while challenges exist, the data also paints a clear picture on why newer condos can hold and increase in value given their relative scarcity; scarcity that cannot easily nor quickly change to abundance.
Broken down by prefecture, Tokyo remains the largest condo market, with 2,028,463 units - a year-on-year (YoY) increase of 22,998 units.
Kanagawa follows with 1,023,432 units (+9,907 YoY).
Osaka ranks third with 885,357 units (+13,182 YoY).
A total of 11 prefectures have over 100,000 condominium units as of 2024 year-end according to Kantei.
Chiba Prefecture Has Oldest Condo Inventory, Okinawa Prefecture Leads in New Developments
The prefectures with the highest share of condos over 40 years old are:
Chiba (29.0%)
Osaka (25.5%)
Wakayama (24.4%)
Conversely, Okinawa prefecture has the highest share of newer condos, with 35.0% of units built in the last decade.
"Okinawa has remained a highly sought-after market since the 2011 earthquake, with inbound tourism further driving demand for new developments," noted Tokyo Kantei.
Tokyo’s Koto Ward Leads in Condo Supply; Several Osaka Wards See Tower Boom
At the municipal level, Koto Ward in Tokyo has the largest condo inventory, at 131,508 units. This ward has a relatively high share of newer buildings, with over 20% of its units built in the last 10 years.
In Osaka, rapid high-rise development has transformed key central districts. Chuo, Kita, and Nishi Wards now have some of the highest concentrations of new condominiums, with buildings under 10 years old making up over 30% of total stock.
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Further Reading:
2024 Japan Nationwide Condominium Inventory Report (Japanese only; provides further granular data than outlined above)
Source:
R.E. Port News (Japanese only)
