2021 in one table
East Japan REINS reported the used-condominium segment across Tokyo, Kanagawa, Saitama and Chiba. The geography is broader than central Tokyo and the data describe completed transactions, not every dwelling.
| Measure | 2021 | Change from 2020 |
|---|---|---|
| Completed sales | 39,812 | +11.1% |
| Completed price per m² | JPY 598,100 | +8.4% |
| Average completed price | JPY 38.69m | +7.5% |
| Average completed area | 64.68 m² | -0.9% |
| Average completed age | 22.67 years | +0.68 years |
| New registrations | 161,474 | -11.2% |
Transaction volume recovered while new registrations fell and completed prices increased materially.
The volume recovery was real but not the whole story
Completed sales increased from 35,825 to 39,812, reversing the annual decline recorded in 2020. This is evidence of more registered completed transactions in the segment. It does not measure buyer enquiries, failed finance or properties never offered.
At the same time, new registrations declined to 161,474. The combination warns against one-word descriptions such as “supply returned.” Completed activity and new flow moved differently.
Price per square metre accelerated
The completed price per square metre increased from JPY 551,700 to JPY 598,100. The average completed price rose from JPY 35.99 million to JPY 38.69 million. Price per area rose slightly faster than the total ticket because the average completed unit became smaller.
These are nominal averages. They show a stronger regional price outcome, but cannot identify whether one building appreciated 8.4%. Geography and unit selection remain inside the number.
The transacted unit changed
Average area decreased from 65.24 to 64.68 m², while average age increased from 21.99 to 22.67 years. The market paid more per square metre for a slightly smaller and older average completed unit.
That combination matters for affordability. A buyer could face rising per-area pricing without the average total price rising at the same rate, partly because the transacted basket compressed in size. It also increases the importance of building-level repair and governance evidence.
What the supply evidence can say
The annual new-registration count was 11.2% below 2020. A lower count may contribute to buyer competition, but the table does not prove causality. It does not provide matched inventory, seller motivation or the quality distribution of new listings.
For a 2021 acquisition, review the subject's days, price changes and true peer stock available on the offer date. Regional flow provides the background, not a subject discount.
How to analyse a 2021 purchase now
Reconstruct all-in acquisition cost, financing, condition, rent or personal use, capital work and current exit value. Compare the purchase with completed peers available at the time, then separately measure what happened afterward. Avoid praising a decision solely because the broad market later rose.
A strong decision file should explain why the exact building and unit were selected while the annual market was repricing.
Position in the 2020–2026 sequence
2021 begins a period in which price per square metre rose every completed calendar year through 2025. Yet volume did not follow a straight path: it fell again in 2022. The later series confirms that rising average price and rising volume are not required to move together.
The annual page therefore belongs beside, not instead of, the full time series and current property comparables.
Limits and use
The data are regional used-condominium averages and are not inflation-adjusted. No control is made for ward, station, building, floor, renovation, tenure or finance. New registrations before 2022 also precede a later definition change.
Use the series as dated context. Do not use it as a valuation formula or a claim about all Japan residential property.
Primary sources
- East Japan REINS — 2021 metropolitan property market report: https://www.reins.or.jp/pdf/trend/sf/sf_2021.pdf
- East Japan REINS — 2020 metropolitan property market report: https://www.reins.or.jp/pdf/trend/sf/sf_2020.pdf
- MLIT — Real-estate information library: https://www.reinfolib.mlit.go.jp/
Figures reviewed and transcribed 23 August 2026. Observation period: calendar year 2021.
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