According to the Real Estate Economic Institute, 3,337 brand new apartments were released for sale in greater Tokyo in November, up 6.8% from the previous month but down 33.3% from last year. This is the 10th month in a row to see a year-on-year decline. It is also lower than the Institute’s forecast of 4,000 apartments. This is the lowest level for November since 2008 and is thought to be due to developers postponing sales in major projects until the new year.
2,617 apartments were sold, making the contract rate 78.4%, up 15.1 points from the previous month but down 1.2 points from last year.
The average new apartment price was 52,240,000 Yen, up 14.6% from the previous month and up 5.2% from last year. The average price per square meter was 737,000 Yen, up 15.5% from the previous month and up 6.2% from last year.
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