According to the Real Estate Economic Institute, 1,679 brand new apartments were released for sale in greater Tokyo in January, down 82.1% from the previous month and down 8.1% from January 2014. This is about 16% lower than the Institute’s estimate for the month.
1,258 apartments were sold, making the contract rate 74.9%, up 5.0 points from the previous month but down 3.7 points from last year.
The average new apartment price was 44,550,000 Yen, down 11.3% from the previous month and down 3.9% from last year. The average price per square meter was 639,000 Yen, down 10.0% from the previous month and down 3.2% from last year.
103 apartments in high-rise buildings (over 20 storeys) were offered for sale, down 4.6% from last year. The contract rate was 60.2%, down 15.7 points from last year.
The following buildings saw same-day sellouts* in January:
- Grand Maison Sengawa, Chofu City: 23 apartments sold; average price of 42,830,000 Yen.
- Season Suite Shiki no Mori, Shiki City: 17 apartments sold; average price of 33,070,000 Yen.
*Same-day sellouts occur when all of the apartments released for sale in a particular sales campaign receive purchase applications. As many developers release apartments for sale in stages, it does not necessarily mean that all apartments in the building have sold.
Tokyo Metropolitan Area Sales
674 apartments were released for sale in Tokyo’s 23-ku, down 84.6% from the previous month and down 26.0% from last year. 497 apartments were sold, making the contract rate 73.7%.
The average new apartment price was 54,380,000 Yen, down 8.2% from the previous month but up 2.8% from last year. The average price per square meter was 848,000 Yen, down 0.8% from the previous month but up 6.7% from last year.
28 apartments priced over 100 million Yen sold, resulting in a contract rate of 93.3%.
No. of sales by apartment type in Tokyo’s 23-ku:
Studio | 2 (50% contract rate) |
1-Bedroom | 65 (79.3% contract rate) |
2-Bedroom | 94 (78.3% contract rate) |
3-Bedroom | 294 (70.2% contract rate) |
4-Bedroom | 27 (79.4% contract rate) |
Average sale price by area:
Tokyo 23-ku | 54,380,000 (+2.8% from January 2014) |
Western Tokyo | 43,380,000 (+15.1%) |
Kanagawa Prefecture | 36,630,000 Yen (-12.0%) |
Saitama Prefecture | 36,930,000 Yen (-7.7%) |
Chiba Prefecture | 33,500,000 Yen (-8.1%) |
Average sale price per square meter:
Tokyo 23-ku | 848,000 Yen (+6.7% from January 2014) |
Western Tokyo | 581,000 Yen (+4.7%) |
Kanagawa Prefecture | 514,000 Yen (-7.6%) |
Saitama Prefecture | 509,000 Yen (-4.0%) |
Chiba Prefecture | 432,000 Yen (-5.7%) |
Source: The Real Estate Economic Institute, February 16, 2015.