Number of new condominium units in Japan 2014 to 2023
In 2023, there were close to 65.1 thousand new condominium units in Japan. This constituted a decrease from around 73 thousand units in the previous year. In the past decade, the supply of new condominium units was the highest in 2014 at 83.2 thousand.
The history of condominiums in Japan
During the period of rapid economic growth in the 1960s, public housing apartment buildings made of concrete, called Danchi, gained increasing popularity in Japan. This also meant a shift away from multi-generational households to nuclear family households. As a part of this development, construction companies started to build the first condominiums, followed by the first condominium boom in the mid-1960s. Today, the number of residential condominiums in Japan is still growing.
The condominium market in Japan
Greater Tokyo and Greater Osaka together accounted for almost two-thirds of the supply of new condominiums in Japan. Condominium prices have been on an upward trend recently. The average price per square meter of new apartment units was the highest in the Greater Tokyo Area. Amid rising property prices across Japan, pre-owned condominiums also saw a price increase.
