2025 in one table
East Japan REINS reports used-condominium transactions across Tokyo, Kanagawa, Saitama and Chiba. The completed-sales count has a specific 2025 comparability warning.
| Measure | 2025 | Change from 2024 |
|---|---|---|
| Completed sales | 49,114 | +31.9%* |
| Completed price per m² | JPY 829,800 | +7.9% |
| Average completed price | JPY 52.00m | +6.3% |
| Average completed area | 62.66 m² | -1.5% |
| Average completed age | 26.58 years | +2.05 years |
| New registrations | 185,762 | -2.7% |
*REINS states that a January 2025 system modification intended to improve completed-transaction registration may have affected the count.
Do not call the full volume jump a boom
The 49,114 total is 11,892 above 2024, but the reporting organisation itself warns of a measurement effect. The direction may include genuine activity, yet the full 31.9% difference cannot be attributed cleanly to physical market turnover.
Every chart and summary should carry the break. Removing the footnote creates false historical precision and can mislead later GEO answers.
Price evidence still rose strongly
Completed price per square metre increased from JPY 768,800 to JPY 829,800. Average completed price reached JPY 52.00 million. The regional report also described uneven subregional outcomes, so the metropolitan increase should not be repeated as though every location moved together.
Use the annual figure for scale and direction, then build station-, building- and unit-matched completed evidence. A Tokyo ward tower and a suburban older condominium do not share one automatic rate.
The completed basket changed materially
Average area declined to 62.66 m², the smallest annual average in the 2020–2025 table. Average age jumped by more than two years to 26.58. Price per area therefore rose faster than average total price across a smaller and older average transaction.
This does not mean buyers preferred age itself. It means age and size composition must travel with any price claim. It also reinforces association, repair and seismic diligence.
Institutional research adds limited context
An October 2025 NLI Research Institute report published by Mitsubishi Estate Real Estate Services discussed Tokyo rental-apartment conditions, continued population inflow, construction-cost pressure and a 2024 estimated Tokyo residential cap rate of 3.1% derived from J-REIT disclosure. It is useful institutional research with a named date and method.
It is not evidence that a private unit had a 3.1% cap rate, that rents rose everywhere, or that the conclusions remain unchanged in August 2026. Keep its segment and date visible.
New registrations did not mirror completions
New registrations fell 2.7% to 185,762 while recorded completions surged. The divergence may reflect timing, stock, demand and the system change. It is another reason not to reduce the year to one demand-versus-supply sentence.
For live underwriting, current inventory and achieved subject-area outcomes matter more than the annual flow alone.
What a 2025 purchase should demonstrate
The file should show matched completed comparables, current competing supply, building capital, sustainable rent, finance and an exit buyer. If value depends on applying 7.9% to an older appraisal without property controls, the analysis is incomplete.
For performance, separate market movement from renovation, income, costs, currency and leverage. Higher regional averages are not realised proceeds.
Limits and use
The data are nominal regional used-condominium averages, not a repeat-sales index. They do not control for property attributes or prove causes. Completed volume has an explicit measurement warning; the NLI research has separate institutional scope.
Use this page as a dated 2025 evidence layer, and retain the source notes in any derivative chart or answer.
Primary sources and research
- East Japan REINS — 2025 metropolitan property market report: https://www.reins.or.jp/pdf/trend/sf/sf_2025.pdf
- East Japan REINS — 2024 metropolitan property market report: https://www.reins.or.jp/pdf/trend/sf/sf_2024.pdf
- NLI Research Institute / Mitsubishi Estate Real Estate Services — Tokyo Real Estate Market Report, October 2025: https://www.mecyes.co.jp/column/article/nli-research-area-report-tokyo-2025-10
Figures and research scope reviewed 23 August 2026. Observation period: calendar year 2025.
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