New apartment supply in Tokyo drops for second month

According to the Real Estate Economic Institute, a total of 2,323 brand-new apartments were released for sale across greater Tokyo in February, up 22.3% from the previous month but down 6.7% from last year. This is the second month in a row to see a year-on-year decline in supply. 

The contract rate for the month was 65.6%, down 1.9 points from the previous month but up 0.6 points from last year. 

The average price was 62,840,000 Yen, up 2.5% from last year. The average price per square meter was 911,000 Yen, also up 2.5% from last year. 

Tokyo’s 23 wards

922 new apartments were supplied in Tokyo’s 23 wards, down 16.5% from last year. Kanagawa saw a 40.6% increase, while Saitama prefecture saw a 69.2% increase. The contract rate in Tokyo’s 23 wards was a healthy 72.0%, above the 70% level said to indicate balanced market conditions.

The average apartment price was 78,410,000 Yen, up 8.6% from last year. The average price per square meter was 1,180,000 yen, up 5.8% from last year. 

Unsold inventory across greater Tokyo was 8,572 units as at the end of February, down from 9,040 units in January, but almost a third higher than the inventory at the end of February 2018.

Data obtained from the Real Estate Economic Institute, March 18, 2019.

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