New apartment prices in Tokyo increase for 8th month

According to the Real Estate Economic Institute, 3,366 brand new apartments were released for sale across greater Tokyo in November, up 19.5% from the previous month and up 24.6% from last year.

The average sale price was 55,510,000 Yen, down 0.6% from the previous month but up 7.6% from last year. The average price per square meter was 835,000 Yen, up 3.0% from the previous month and up 11.5% from last year. This is the 8th month in a row to record a year-on-year increase in sale prices.

The contract ratio across greater Tokyo was 67.9%, up 5.4 points from last year.

Tokyo Metropolitan Area

1,603 new apartments were offered for sale in the Tokyo metropolitan area, up 25.6% from the previous month and up 43.3% from last year. The average sale price was 62,580,000 Yen, down 3.6% from the previous month but up 10.4% from last year. The average price per square meter was 1,003,000 Yen, down 1.0% from the previous month but up 17.2% from last year.

The contract ratio was 70.6%, above the 70% line said to indicate healthy market conditions.

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