Park Homes Yotsuya Sanchome Crest City Kiba
[Left] Park Homes Yotsuya Sanchome; [Right] Crest City Kiba
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.

651 apartments in high-rise buildings (over 20 storeys) were offered for sale, down 31.8% from last year. The contract rate was 88.2%, up 17.2 points from last year.

The following buildings saw same-day sellouts* in May:

  • Park Homes Yotsuya Sanchome, Shinjuku-ku: 23 apartments sold; average price of 63,450,000 Yen.
  • Crest City Kiba, Koto-ku: 30 apartments sold; average price of 50,700,000 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

1,409 new apartments were released for sale in Tokyo’s 23-ku, up 17.0% from the previous month but down 43.5% from last year. 946 apartments were sold, making the contract rate 67.1%.

The average new apartment price was 56,250,000 Yen, down 10.0% from the previous month and down 3.8% from last year. The average price per square meter was 835,000 Yen, down 9.0% from the previous month and down 0.9% from last year. 21 apartments priced over 100 million Yen were sold, with a contract rate of 65.6%.

No. of sales by apartment type in Tokyo’s 23-ku:

Studio 13 (92.9% contract rate)
1-Bedroom 40 (83.3% contract rate)
2-Bedroom 180 (62.3% contract rate)
3-Bedroom 665 (67.9% contract rate)
4-Bedroom 48 (61.5% contract rate)

Average sale price by location:

Tokyo 23-ku 56,250,000 Yen (-3.8% from May 2014)
Western Tokyo 44,470,000 Yen (+6.6%)
Kanagawa Prefecture 44,080,000 Yen (-0.7%)
Saitama Prefecture 43,240,000 Yen (-1.0%)
Chiba Prefecture 37,150,000 Yen (+2.3%)

Average sale price per square meter:

Tokyo 23-ku 835,000 Yen (-0.9% from May 2014)
Western Tokyo 603,000 Yen (+5.2%)
Kanagawa Prefecture 614,000 Yen (+4.1%)
Saitama Prefecture 615,000 Yen (+3.9%)
Chiba Prefecture 475,000 Yen (-2.3%)

The institute is expecting 4,500 new apartments to be released for sale in June.

Sources:
The Nikkei Shimbun, June 16, 2015.
The Real Estate Economic Institute, June 16, 2015.

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