New apartment supply still below 2014 levels
According to the Real Estate Economic Institute, 4,457 brand new apartments were released for sale in greater Tokyo in March, up 71.6% from the previous month but down 4.0% from last year. 3,550 apartments were sold, making the contract 79.6%, up 5.1 points from the previous month but down 0.2 points from last year.
The average new apartment price was 51,860,000 Yen, down 9.0% from the previous month and down 0.6% from last year. The average price per square meter was 736,000 Yen, down 9.4% from the previous month but up 0.8% from last year.
410 apartments in high-rise buildings (over 20 storeys) were offered for sale, down 60.3% from last year. The contract rate was 79.0%, up 10.3 points from last year.Read more