New apartment supply and prices down in May

According to the Real Estate Economic Institute, 3,495 new apartments were released for sale across Greater Tokyo in May, up 52.9% from the previous month but down 18.7% from last year. This is the fifth month in a row to see a year-on-year drop in supply.

2,486 apartments were sold, making the contract rate 71.1%. This is a decline of 4.4 points from the previous month and 7.8 points from last year.

The average new apartment price was 48,120,000 Yen, down 9.3% from the previous month and down 6.7% from last year. The average price per square meter was 679,000 Yen, down 10.4% from the previous month and down 6.0% from last year.Read more

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by Zoe Ward