Table of ContentsHere is the latest monthly report for May, 2023 based on the monthly statistics issued by REINS, the Real Estate Information Network System of Japan. Call or email us here >>Tokyo Real Estate Market Update for May, 2023The number of contracts for existing condominiums continued to decrease compared to April, showing a year-on-year decline of 4.9%. On the other hand, the price per square meter witnessed an increase of 8.1% year-on-year, while the number of available properties in inventory rose by 22.0% year-on-year.The current number of transactions is the lowest in the past six years, excluding May 2020 when the first state of emergency due to COVID-19 was declared. However, it remains comparable to pre-pandemic levels.The inventory levels continue to rise, showing a significant increase of 98.4% compared to May 2020 when the state of emergency was first announced, and a 100.4% increase compared to the previous month.Following the onset of the pandemic, property prices in central Tokyo and other major metropolitan areas experienced a notable increase, which gradually extended to the suburbs. However, recent trends indicate a stabilization in this price surge.While property prices have continued to rise steadily in central Tokyo, including the 23 wards and surrounding areas, properties in inconvenient locations and suburban areas have experienced a halt in price increases, leading to an accumulation of inventory.In comparison to the bubble era of the 1990s, there has been a significant increase in households with two working parents, accompanied by a notable decrease in households owning cars. Consequently, there is now a stronger inclination towards properties with excellent accessibility to workplaces, resulting in unsold properties in inconvenient locations.Mr.LAND is a real estate agency based in Tokyo, Japan with over 30 years experience in the industry. At the Global Division, we specialize in helping international clients buy and sell real estate in Japan with full support in English. We pride ourselves in tailoring every transaction to meet the needs of each client. DM us to discuss your real estate needs anytime! We would love to hear from you!