New apartment supply across greater Tokyo drops for 3rd month

According to the Real Estate Economic Institute, a total of 3,337 brand new apartments were released for sale across greater Tokyo in March, up 43.3% from the previous month but down 7.7% from last year. This is the third month in a row to see a year-on-year decline in supply.

The contract rate for the month was 72.2%, up 6.7 points from the previous month but down 2.5 points from last year. It is above the 70% line said to indicate healthy market conditions. 

The average new apartment price was 65,520,000 Yen, up 5.3% from last year. The average price per square meter was 947,000 Yen, up 4.4% from last year.

Unsold inventory was 8,267 units as at the end of March, down 305 units from the previous month but up 1,769 units from March 2018.

Tokyo’s 23 wards

1,548 new apartments were released for sale in Tokyo’s 23 wards, up 2.3% from last year. The contract rate was 73.3%. 241 apartments priced over 100 million Yen were on offer, with 210 sold during the first month of sales. The contract rate in the 100 million Yen + market was 87.1%. 

The average apartment price was 77,440,000 Yen, up 9.2% from last year. The average price per square meter was 1,181,000 Yen, up 7.1% from last year.  

Source: The Real Estate Economic Institute, April 17, 2019.

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