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According to the Real Estate Economic Institute, 3,424 brand-new apartments were released for sale across greater Tokyo in September, up 74.2% from the previous month and up 40.9% from last year. This is the first time in 10 months to see a year-on-year increase in supply, and is the highest supply seen in the month of September since 2013 when 5,970 apartments were released for sale.

2,466 apartments were sold, resulting in a contract ratio of 72.0%, up 5.4 points from the previous month and up 6.0 points from last year.

671 apartments in high-rise buildings (over 20-storeys) were released for sale, up 156.1% from last year. The contract ratio was 80.3%, up 13.6 points from last year.

The average price of a new apartment across greater Tokyo was 55,780,000 Yen, down 1.5% from the previous month but up 3.4% from last year. The average price per square meter was 786,000 Yen, down 1.5% from the previous month but up 3.3% from last year.

The following buildings saw same-day sellouts in September:

  • Premist Takao SAKULa City, Hachioji City: 51 apartments sold; average price of 37,230,000 Yen.
  • Grande Maison Motosumiyoshi, Kawasaki City: 105 apartments sold; average price of 65,360,000 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

1,273 new apartments were offered for sale in the Tokyo metropolitan area, up 104.3% from the previous month and up 10.0% from last year. 851 apartments were sold, resulting in a contract ratio of 66.8%.

The average new apartment price was 68,490,000 Yen, down 5.4% from the previous month but up 5.5% from last year. The average price per square meter was 986,000 Yen, down 7.9% from the previous month but up 3.9% from last year.

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

  • Studio: 7 (37% contract ratio)
  • 1-Bedroom: 23 (54%)
  • 2-Bedroom: 94 (66%)
  • 3-Bedroom: 421 (65%)
  • 4-Bedroom: 47 (66%)

 

Average sale price:

  • Tokyo’s 23 wards: 69,490,000 Yen (+5.5% from Sept. 2015)
  • Western Tokyo: 45,900,000 Yen (+0.6%)
  • Kanagawa Prefecture: 54,510,000 Yen (+14.9%)
  • Saitama Prefecture: 41,250,000 Yen (-0.1%)
  • Chiba Prefecture: 42,010,000 Yen (+25.4%)

 

Average sale price per square meter:

  • Tokyo’s 23 wards: 986,000 Yen (+3.9%)
  • Western Tokyo: 627,000 Yen (-0.5%)
  • Kanagawa Prefecture: 761,000 Yen (+17.1%)
  • Saitama Prefecture: 598,000 Yen (+2.2%)
  • Chiba Prefecture: 569,000 Yen (+29.9%)

 

The Institute is expecting 3,000 new apartments to be released for sale in October (2015 = 2,921 units; 2014 = 3,125 units; 2013 = 3,506 units; 2012 = 2,887 units).

Source: The Real Estate Economic Institute, October 17, 2016.

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