According to the Real Estate Economic Institute, a total of 71 brand-new investment-grade apartment buildings containing 3,196 units were released for sale across greater Tokyo in the first half of 2019. This is a 23.7% drop in the number of buildings and 30.9% drop in the number of units from the first half of 2018.
The average price per square meter was 1,154,000 Yen, down 0.7% from last year, while the average price per apartment was 30,470,000 Yen, down 1.3% from last year.
The average apartment size was 26.40 sqm (284 sq.ft)
The district with the largest supply was Shinagawa-ku, Tokyo, with 330 units. Nerima-ku was in second spot with 313 units, while Koto-ku was in third spot with 285 units on offer.
In 2018, a total of 7,816 brand-new investment-grade apartments were released for sale. Annual supply reached a peak of 9,210 units in 2007, before dropping to 4,583 units in 2010.
With developers finding it increasingly difficult to secure land in central Tokyo, it is likely that supply conditions will continue to remain low in the city centre, while surrounding suburbs and prefectures may see an increase in supply.
Source: The Real Estate Economic Institute, August 6, 2019.
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