2022.02.05 UpDate


Condominium Supply Reached 30,000 Units within the Greater Tokyo Area

At the beginning of January 2022, the Greater Tokyo Area’s condo market trends were released. These were reported as trends for 2021 as a whole.

The Greater Tokyo Area or GTA, consists of Tokyo City and its surrounding prefectures such as Chiba, Kanagawa and Saitama . The amount of condos that were listed during 2021 were 33,636, which was an increase from the pervious year by 23.5%. This percentage increase also surpassed the 30,000 mark which hadn’t been met in two years! The number of units supplied in 2019 were 31,238. According to Rethinktokyo.com, by region for 2021, within Tokyo’s 23 wards, there were 13,290 units supplied. This was recorded as an increase of (21.8%). In Tokyo’s non-23 wards, there were 2,921 recorded units. This was a decrease of 9.9% YOY.

Kanagawa Prefecture recorded the highest increase of 54.1% YOY. The amount of units supplied were 8,609 to be exact. This comes as no surprise as more families are looking to settle on the coastal part of the Greater Tokyo Area. The standards of living within Kanagawa are exceptional and its close proximity to Tokyo, makes it that much more convenient. Saitama Prefecture experienced the second most increase in units supplied with 4,451. Their percentage increase was 32.2% YOY.  Chiba Prefecture experienced the least percentage increase for units supplied. They were only up 5.9%YOY, with 4,365 units. Chiba’s slower increase in supply is due to its high risk appeal during an earth quake or other natural disasters. The landscape is very flat and this makes the area extremely vulnerable to disasters such as tsunamis and earth quakes.

Source: RethinkTokyo.com

Website: https://www.rethinktokyo.com/news/2022/01/27/greater-tokyo-2021-condo-supply-reached-30000-units-first-time-two-years/1643204660

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