New apartment prices in August

The Residence Mita. All 90 apartments initially released for sale sold out on the same day.

According to the latest data from the Real Estate Economic Institute, a total of 4,145 brand new apartments were released for sale across greater Tokyo in August, up 53.3% from last year. This is the supply of apartments in the month of August since 2005.

Of those, 3,378 were sold making the contract ratio 81.5%.

Meanwhile, a total of 2,250 second-hand apartments were also sold in greater Tokyo during the month.

The average price of a new apartment was 47,960,000 Yen, up 0.5% from last year. The average price per square meter was 677,000 Yen, down 2% from last year.

Several buildings across greater Tokyo saw same-day sell outs, including The Residence Mita which saw all 90 apartments released in their first stage of sales sell out immediately. The average apartment price in this building was 103,790,000 Yen and an average of 1.28 applications were made on each apartment.

A total of 1,660 new apartments were sold in Tokyo City in August. The contract ratio was 82.1%. [In addition, 1,105 second-hand apartments were sold during the month.]

The average new apartment price was 57,010,000 Yen, up 11.9% from last year but down 3.4% from last month. The average price per square meter was 817,000 Yen, up 5.4% from last year but down 5.9% from last month.

51 apartments priced over 100 million Yen were sold during the month. Almost half of the apartments sold were priced between 50 ~ 80 million Yen.

No. of sales by apartment type:

  • Studio: 8
  • 1-Bedroom: 96
  • 2-Bedroom: 389
  • 3-Bedroom: 1,132
  • 4-Bedroom: 35

Average sale price by area:

  • Tokyo 23-ku: 57,010,000 Yen (+11.9% from August 2012)
  • Western Tokyo: 42,440,000 Yen (-0.5%)
  • Kanagawa Prefecture: 40,280,000 Yen (-20.1%)
  • Saitama Prefecture: 36,300,000 Yen (-2.8%)
  • Chiba Prefecture: 36,270,000 Yen (+0.3%)

Average sale price per square meter:

  • Tokyo 23-ku: 817,000 Yen (+5.4% from August 2012)
  • Western Tokyo: 585,000 Yen (-5.5%)
  • Kanagawa Prefecture: 561,000 Yen (-19.9%)
  • Saitama Prefecture: 511,000 Yen (-3.8%)
  • Chiba Prefecture: 491,000 Yen (-0.6%)

Source: The Real Estate Economic Institute: September 17, 2013.

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