New apartment supply in April at 23-year low
According to the Real Estate Economic Institute, 2,286 brand new apartments were released for sale in greater Tokyo in April, down 48.6% from the previous month and down 7.6% from last year. This is the lowest level recorded for the month of April since 1992, when just 1,365 apartments were released for sale. It is also the fourth month in a row to see a decline.
One of the contributing factors to the drop in supply was a delay in sales offerings by some developers. The sale of as many as 500 ~ 600 units were postponed until May to appeal to buyers during the Golden Week holidays.
1,727 apartments were sold, making the contract rate 75.5%, down 4.1 points from the previous month but up 0.8 points from last year.
The average new apartment price was 53,050,000 Yen, up 2.3% from the previous month and up 9.5% from last year. The average price per square meter was 758,000 Yen, up 3.0% from the previous month and up 7.8% from last year.Read more