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
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