Quarterly Report for Premium Condominiums in Tokyo | 3Q FY 2025

【Chart 1】

 This graph shows an index of changes in average contract price per tsubo (*Notes: 1. Indexation using average contract price per tsubo in 1Q / FY 2006 as 100. 2. Tsubo is a Japanese traditional unit of area equal to approx. 3.31sqm.) and the number of contracts concluded every quarter for premium condo. units in 8 prestigious areas of central Tokyo.

 Major economic events and Nikkei Stock Average are also shown for reference. The bar graph represents the number of contracts concluded each quarter. The red-line shows a movement in the index of average contract price per tsubo, while the gray-line shows one in the Nikkei stock average.

 In the third quarter reviewed here (2025: 3Q), the index of the average contract price per tsubo for premium condominium units sold overall rose by +6.7 points QoQ to 309.0, setting a new record since the beginning of data collection for the tenth consecutive quarter. The number of contracts concluded fell by 7 QoQ to 216, decreasing for the second consecutive quarter.
 

【Chart 2】

  The chart above shows the trend in the average contract price per tsubo by area. The average contract price per tsubo increased in the four areas of the “Hiroo / Daikanyama / Ebisu Area,” the “Ginza Area,” the “Bancho / Kojimachi / Iidabashi Area,” and the “Ichigaya / Yotsuya Area,” all of which went up to record historic highs since the beginning of data collection. Among these, the “Ginza Area” reached a new record high for the ninth consecutive quarter, while the “Bancho / Kojimachi / Iidabashi Area” did so for the seventh consecutive quarter. On the other hand, the average contract price per tsubo decreased in the six areas of the “Roppongi / Akasaka / Toranomon Area,” the “Azabu / Azabujuban / Mita Area,” the “Shirogane / Takanawa Area,” the “Aoyama / Shibuya Area,” the “Meguro / Shinagawa Area,” and the “Setagaya / Ota Area.”
 

【Chart 3】

 The chart above shows the percentage of purchases by overseas residents among Mitsui Fudosan Realty Group transactions and their contract prices per tsubo (in JPY and USD) compared to the exchange rates. The percentage of purchases by overseas residents rose by +2.5 ppt QoQ in this quarter to 10.9%. The average price per tsubo in this quarter (converted to USD) was down sharply by $2,925 QoQ to $84,482. While the price per tsubo in JPY increased, the price converted to USD decreased for the first time in six quarters (since 2024:1Q) due to the JPY devaluation in the forex markets.

 Even as the number of contracts decreased this quarter for the second consecutive quarter, the average contract price per tsubo set a new record high for the tenth consecutive quarter. The inventory for all 10 areas combined as of the end of this quarter was 1,168, up QoQ for the sixth consecutive quarter by +102. It will be prudent to keep a close watch on the market impact on the number of contracts and the average contract price per tsubo, as well as on trends in the Nikkei Stock Average, exchange rates, the global situation, and inbound demand in the coming quarters.

 ◆Source : Avg. Contact unit prices/No. of  Contracts ---Based on the data regarding actual transactions contracted at Mitsui's Rehouse/Real Plan sales offices  ( All of the Data compiled are subject to transactions of the premium condos designated by Mitsui Fudosan Realty）.
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