New apartment supply in greater Tokyo up 22.3% in November

According to the Real Estate Economic Institute, a total of 5,006 apartments were released for sale in greater Tokyo in November, up 42.8% from the previous month and up 22.3% from last year.

Of those, 3,984 apartments were sold, making the contract rate 79.6%.

The average new apartment price across greater Tokyo was 49,670,000 Yen, up 1.2% from the previous month but down 0.7% from last year. The average price per square meter was 694,000 Yen, down 2.4% from the previous month and down 3.7% from last year.

A total of 19 buildings saw same-day sellouts* in November, including:

*Same-day sellouts occur when all of the apartments released for sale are sold on the first day of that particular sales campaign. As many developers released apartments for sale in stages, it does not necessarily mean that all apartments in the building have sold.

Tokyo City

In Tokyo’s 23-ku, the average new apartment price was 57,540,000 Yen, down 0.8% from the previous month and down 6.0% from last year. The average price per square meter was 854,000 Yendown 1.6% from the previous month and down 8.1% from last year.

A total of 2,583 apartments were released for sale in Tokyo’s 23-ku during November, of which 2,157 (83.5%) were sold.

No. of sales by apartment type in Tokyo’s 23-ku:

  • Studio: 68 (86.1% contract rate)
  • 1-Bedroom: 209 (91.3% contract rate)
  • 2-Bedroom: 501 (82.8% contract rate)
  • 3-Bedroom: 1,300 (82.5% contract rate)
  • 4-Bedroom: 75 (82.4% contract rate)

Average sale price by area:

  • Tokyo 23-ku: 57,540,000 Yen (-6.0% from November 2012)
  • Western Tokyo: 40,880,000 Yen (-9.3%)
  • Kanagawa Prefecture: 45,070,000 Yen (+16.7%)
  • Saitama Prefecture: 34,350,000 Yen (-8.8%)
  • Chiba Prefecture: 39,480,000 Yen (+10.3%)

Average sale price per square meter:

  • Tokyo 23-ku: 854,000 Yen (-8.1% from November 2012)
  • Western Tokyo: 551,000 Yen (-10.4%)
  • Kanagawa Prefecture: 574,000 Yen (+4.4%)
  • Saitama Prefecture: 478,000 Yen (-7.4%)
  • Chiba Prefecture: 523,000 Yen (+13.9%)

Source: The Real Estate Economic Institute, December 16, 2013.

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