New apartment prices in Tokyo at highest level in over 5 years

The Parkhouse Nishishinjuku Tower 60 1
The Parkhouse Nishishinjuku Tower 60 accounted for almost a third of the new apartment sales in the Tokyo metropolitan area in February.

According to the Real Estate Economic Institute, 2,598 brand new apartments were released for sale in greater Tokyo in February, up 54.7% from the previous month but down 2.0% from last year. This is the lowest level seen for the month of February since 2009.

1,935 apartments were sold, making the contract rate 74.5%, down 0.4 points from the previous month and down 6.1 points from last year.

The average new apartment price was 56,960,000 Yen, up 27.9% from the previous month and up 12.5% from last year. The average price per square meter was 812,000 Yen, up 27.1% from the previous month and up 14.7% from last year.

699 apartments in high-rise buildings (over 20 storeys) were offered for sale, up 78.3% from last year. The contract rate was 87.3%, down 0.5 points from last year.Read more

by Zoe Ward