New apartment prices in greater Tokyo up 16% from last year

According to the Real Estate Economic Institute, a total of 3,426 brand-new apartments were released for sale across greater Tokyo in July, up 50.0% from the previous month and up 3.3% from last year.

2,465 apartments were sold, resulting in a contract ratio of 71.9%, up 8.6 points from last year and above the 70.0% level said to indicate healthy market conditions. Unsold inventory at the end of July was 6,314 apartments, down 184 units from last year.

The average price of a new apartment across greater Tokyo was 65,620,000 Yen, up 16.3% from the previous month and up 16.0% from last year. The average sale price per square meter was 952,000 Yen, up 13.3% from the previous month and up 18.1% from last year.

705 apartments in high-rise buildings (20 storeys and above) were listed for sale, up 220.5% from last year. The contract ratio was 88.2%, up 34.1 points from last year.

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

  • Initia Setagaya Shoin-Jinjamae, Setagaya-ku: 28 apartments sold; average price of 68,280,000 Yen.
  • Proud Kamisaginomiya, Nakano-ku: 35 apartments sold; average price of 62,310,000 Yen.
  • Musashino Fujimi The Residence, Higashi Murayama City: 6 apartments sold; average price of 39,450,000 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

1,863 new apartments were released for sale in the Tokyo metropolitan area, up 66.9% from the previous month and up 42.3% from last year. 1,367 apartments were sold, resulting in a contract ratio of 73.4%.

The average new apartment price was 73,790,000 Yen, up 10.0% from the previous month and up 10.3% from last year. The average price per square meter was 1,111,000 Yen, up 4.2% from the previous month and up 10.8% from last year.

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

Studio: 33 (63.5% contract ratio)
1-Bedroom: 152 (74.9%)
2-Bedroom: 278 (71.5%)
3-Bedroom: 831 (74.7%)
4-Bedroom: 63 (79.7%)

 

Average sale price:

Tokyo’s 23 wards: 73,790,000 Yen (+10.3% from Jul. 2016)
Western Tokyo: 56,840,000 Yen (+7.3%)
Kanagawa Prefecture: 61,430,000 Yen (+22.3%)
Saitama Prefecture: 42,570,000 Yen (-16.4%)
Chiba Prefecture: 43,300,000 Yen (-2.8%)

 

Average sale price per square meter:

Tokyo’s 23 wards 1,111,000 Yen (+10.8% from Jul. 2016)
Western Tokyo: 802,000 Yen (+11.5%)
Kanagawa Prefecture: 856,000 Yen (+21.8%)
Saitama Prefecture: 584,000 Yen (-17.0%)
Chiba Prefecture: 593,000 Yen (-0.2%)

 

 

Source: The Real Estate Economic Institute, August 15, 2017.