New apartment supply dwindling in Tokyo
According to the Real Estate Economic Institute, 3,503 brand new apartments were released for sale across greater Tokyo in June, down 18.5% from the previous month and down 28.3% from last year. This is the fifth month in a row to see a year-on-year decline.
2,683 new apartments were sold, making the contract rate 76.6%. This is 2.3 points lower than the previous month and 5.0 points lower than last year. A contract rate above 70% suggests a strong market. According to REINS, 2,812 second-hand apartments were sold in June, exceeding the number of new apartments sold.
The average new apartment price was 48,300,000 Yen, down 6.3% from the previous month and down 0.1% from last year. The average price per square meter was 683,000 Yen, down 5.4% from the previous month and down 0.4% from last year.Read more