According to the Real Estate Economic Institute, the supply of brand new investment-type apartments in the greater Tokyo area in the first half of 2016 reached 4,121 units, up 19.3% from the first half of 2015.
Increasing construction costs and high land prices are forcing developers to focus on projects outside of Tokyo’s city centre. The highest supply was in Kawasaki City’s Kawasaki Ward which had 603 brand new investment apartments.
The average apartment price was 27,540,000 Yen, up 1.7% from 2015. The average price per square meter was 1,113,000 Yen, up 5.2% from 2015. The average apartment size was 24.75 sqm (266 sf), 3.3% smaller than last year.
34.0% of the apartments were priced under 25,000,000 Yen (the share in the first half of 2015 was 45.2%).