Mitsui Fudosan Realty announced on February 27th the market trends for the third quarter of 2023 (October to December) on the second hand condominium market in the Tokyo Bay area.
All data is based on sales contracts executed through Mitsui Fudosan Branches in the bay area during the measured timeframe.
The target areas include 126 building and 59,620 condos in the following Tokyo Bay sub-areas:
Shibaura & Odaiba
Shinagawa & Konan
Toyosu
Ariake・Shinonome
Tsukishima
Kachidoki・Harumi
The average contract price per tsubo for the entire period was ¥4.68 million (a 5.1% increase from the previous period), marking the third consecutive increase and setting the highest value since the start of measurement.
1 tsubo equals 3.3058 square meters.
The number of sales contracts executed also rose to 423; an increase of 42 from the previous quarter, marking the second consecutive quarterly increase and significantly surpassing the 2022’s third quarter results by roughly 1.3 times, setting a new record since compilation began.
Harumi area courtesy of Takashi Miyazaki
The Kachidoki & Harumi area, which has attracted attention with HARUMI FLAG, recorded an average contract price per tsubo of ¥5.13 million, setting a new record since compilation began.
The number of sales contracts executed remained flat at 116 compared to the previous quarter.
Compared to the same quarter in 2022, the average contract price per tsubo increased by 19.5%, and the number of contracts increased by 24.7%.
Additionally, the average contract price was ¥110.61 million (a 9.7% increase), with approximately 47% of the sales contracts in the bay area exceeding ¥100 million.
Further Reading:
Mitsui Fudosan Realty Tokyo Bay Area Report 2023 3rd Quarter (Japanese only)
Source:
R.E. Port News (Japanese only)
