New apartment supply in Tokyo reaches 3rd lowest level in 43 years

The supply of brand-new apartments released for sale across greater Tokyo dropped to the third lowest level seen for the month of July in 43 years. According to the Real Estate Economic Institute, a total of 1,932 apartments were released for sale, down 35.3% from last year and close to the record low of 1,571 supplied in July 1976.

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Apartment redevelopment law may be further revised

The Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) is considering a further expansion of allowances to encourage the redevelopment of old condominium buildings. Under current legislation, if at least 80% of owners agree, a building that does not meet current earthquake codes can be sold off to a developer. The MLIT may extend the 80% vote to include buildings that have deteriorated exteriors and old plumbing. 

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Tokyo apartment prices increase for 6th month

According to REINS, a total of 3,233 second-hand apartments were reported to have sold across greater Tokyo in July, down 7.4% from the previous month but up 3.0% from last year. The average sale price was 34,420,000 Yen, up 2.4% from the previous month and up 2.4% from last year. The average price per square meter was 535,100 Yen, up 1.4% from the previous month and up 2.6% from last year. This is the 6th month in a row to see a year-on-year increase. 

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