【Survey Overview】 Survey Period: January 2024 - March 2026 Survey Organization: Mansion Research Co., Ltd. Survey Target: Used condominiums within Tokyo's 23 wards Number of Sample Cases: 438,586 cases Survey Method: Publicly available sales information for used condominiums was collected and aggregated through statistical processing. Changes in Demand Structure Begin in Central Tokyo In Tokyo's used condominium market, prices have been on a continuous rise for an extended period. Particularly in central Tokyo, driven by domestic end-users, wealthy individuals, investors, and the inflow of overseas capital, the area has recorded high growth rates compared to other major global cities. However, while prices continue to climb, clear changes have begun to emerge within the market. Looking solely at average prices might suggest a vibrant market overall, but in reality, the supply-demand balance varies significantly by area and unit size. And one of the indicators that most accurately reflects this change is "inventory." Examining the trend of inventory by unit size within Tokyo's 23 wards currently reveals clearly where demand exists and where it is beginning to diminish. Rapidly Accumulating Inventory in Larger Unit Sizes in Central 5 Wards Currently, a particularly noticeable increase in inventory is observed for used condominiums in higher price ranges and larger unit sizes within the central 5 wards. Source: Fukushima Research Inventory is accumulating at an extremely rapid pace, primarily for family-oriented units ranging from 70m2 to over 100m2. Originally, the supply of large units in central Tokyo was limited, and they maintained stable demand due to their high rarity. However, in recent years, the speed of price increases has far outpaced the income growth of end-users and the increase in available housing loan amounts. Especially in Tokyo's 23 wards, the price per tsubo for larger unit sizes has skyrocketed as one approaches the city center. Source: Fukushima