According to the Real Estate Economic Institute, 4,457 brand new apartments were released for sale in greater Tokyo in March, up 71.6% from the previous month but down 4.0% from last year. 3,550 apartments were sold, making the contract 79.6%, up 5.1 points from the previous month but down 0.2 points from last year.

The average new apartment price was 51,860,000 Yen, down 9.0% from the previous month and down 0.6% from last year. The average price per square meter was 736,000 Yen, down 9.4% from the previous month but up 0.8% from last year.

410 apartments in high-rise buildings (over 20 storeys) were offered for sale, down 60.3% from last year. The contract rate was 79.0%, up 10.3 points from last year.

The following buildings saw same-day sellouts* in March:

  • Proud Nihonbashi Mitsukoshi-mae , Chuo-ku: 72 apartments sold; average price of 70,870,000 Yen.
  • Brillia Koganei Sakuramachi, Koganei City: 21 apartments sold; average price of 47,510,000 Yen.
  • Proud Tachikawa, Tachikawa City: 75 apartments sold; average price of 64,750,000 Yen.
  • Airs Garden Shin-Urayasu, Chiba: 50 apartments sold; average price of 46,900,000 Yen.

*Same-day sellouts occur when all of the apartments released for sale in a particular sales campaign receive purchase applications. As many developers release apartments for sale in stages, it does not necessarily mean that all apartments in the building have sold.

Tokyo Metropolitan Area Sales

1,946 apartments were released for sale in Tokyo’s 23-ku, up 34.6% from the previous month and up 10.0% from last year. 1,533 apartments were sold, making the contract rate 78.8%.

The average new apartment price was 60,110,000 Yen, down 12.2% from the previous month and down 2.8% from last year. The average price per square meter was 907,000 Yen, down 9.2% from the previous month and down 1.1% from last year. 45 apartments price over 100 million Yen were sold, making the contract rate 71.4%.

No. of sales by apartment type in Tokyo’s 23-ku:

Studio 44 (95.7% contract rate)
1-Bedroom 89 (87.3% contract rate)
2-Bedroom 313 (82.4% contract rate)
3-Bedroom 998 (76.4% contract rate)
4-Bedroom 57 (74.0% contract rate)

Average sale price by area:

Tokyo 23-ku 60,110,000 Yen (-2.8% from March 2014)
Western Tokyo 44,740,000 Yen (-17.9%)
Kanagawa Prefecture 48,540,000 Yen (+4.0%)
Saitama Prefecture 42,540,000 Yen (-5.4%)
Chiba Prefecture 46,580,000 Yen (+27.1%)

Average sale price per square meter:

Tokyo 23-ku 907,000 Yen (-1.1% from March 2014)
Western Tokyo 602,000 Yen (-15.2%)
Kanagawa Prefecture 662,000 Yen (+1.7%)
Saitama Prefecture 584,000 Yen (-2.5%)
Chiba Prefecture 626,000 Yen (+30.4%)

Source: The Real Estate Economic Institute, April 16, 2015.

Loading