According to the Real Estate Economic Institute, 1,384 new apartments were released for sale across greater Tokyo in January, down 80.2% from the previous month and down 7.4% from last year. 852 apartments were sold, resulting in a contract ratio of 61.6%, down 15 points from the previous month but up 3.0 points from last year.

167 apartments in high-rise buildings (over 20 stories) were released for sale, up 122.7% from last year. The contract ratio was 77.8%, up 45.8 points from last year.

The average price of a new apartment across greater Tokyo was 69,110,000 Yen, up 36.1% from the previous month and up 24.1% from last year. The average price per square meter was 976,000 Yen, up 29.3% from the previous month and up 25.0% from last year.

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

  • Park Court Ichibancho, Tokyo: 36 apartments sold; average price of 183,330,000 Yen.
  • Grande Maison Moto Sumiyoshi, Kawasaki: 20 apartments sold; average price of 63,100,000 Yen.
  • Initia Asaka Honcho, Saitama: 4 apartments sold; average price of 41,860,000 Yen.

Park Court Ichibancho

Park Court Ichibancho is a luxury condominium located in Tokyo’s Bancho area just west of the Imperial Palace. Apartments, which range in size from 75 ~ 123 sqm, have an average price of around 2,200,000 Yen/sqm.  A total of 54 purchase applications were made on the 36 apartments initially offered for sale, with the most popular apartment receiving 11 applications. The building is now over 50% sold out. Completion is expected by February 2019.

* 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

688 new apartments were offered for sale in the Tokyo metropolitan area, down 72.9% from the previous month but up 13.7% from last year. 467 apartments were sold, resulting in a contract ratio of 67.9%.

The average new apartment price was 91,480,000 Yen, up 41.9% from the previous month and up 28.0% from last year. The average price per square meter was 1,322,000 Yen, up 28.1% from the previous month and up 27.5% from last year.

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

  • Studio: 10 (37.0% contract ratio)
  • 1-Bedroom: 56 (81.1%)
  • 2-Bedroom: 134 (77.5%)
  • 3-Bedroom: 252 (63.6%)
  • 4-Bedroom: 14 (73.7%)

 

Average sale price:

  • Tokyo’s 23 wards: 91,480,000 Yen (+28.0% from Jan. 2016)
  • Western Tokyo: 56,490,000 Yen (+8.2%)
  • Kanagawa Prefecture: 48,080,000 Yen (-1.0%)
  • Saitama Prefecture: 45,920,000 Yen (+25.3%)
  • Chiba Prefecture: 39,470,000 Yen (+7.1%)

 

Average sale price per square meter:

  • Tokyo’s 23 wards: 1,322,000 Yen (+27.5% from Jan. 2016)
  • Western Tokyo: 754,000 Yen (+9.4%)
  • Kanagawa Prefecture: 677,000 Yen (-1.7%)
  • Saitama Prefecture: 631,000 Yen (+24.0%)
  • Chiba Prefecture: 545,000 Yen (+10.8%)

 

The Institute is expecting 2,500 new apartments to be released for sale in February (2016 = 2,237; 2015 = 2,598; 2014 = 2,651; 2013 = 3,491).

Source: The Real Estate Economic Institute, February 14, 2017.