New apartment prices in Tokyo increase for 3rd consecutive year
According to the Real Estate Economic Institute, 6,189 brand new apartments were released for sale in greater Tokyo in December, up 77.0% from the previous month but down 34.1% from December 2014. 4,013 apartments were sold, making the contract rate 64.8%, down 17.3 points from the previous month and down 5.1 points from 2014.
The average price of a new apartment was 54,570,000 Yen, down 13.8% from the previous month but up 8.7% from 2014. The average price per square meter was 762,000 Yen, down 12.5% from the previous month but up 7.3% from 2014.
The following buildings saw same-day sellouts in December:
- Brillia City Shakujiidai, Nerima-ku: 30 apartments sold; average price of 58,530,000 Yen.
- Premist Takao Sakura City, Hachioji: 66 apartments sold; average price of 39,020,000 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
2,895 new apartments were released for sale in Tokyo’s 23 wards, up 81.6% from the previous month but down 33.8% from 2014. 1,941 apartments were sold, making the contract rate 67.0%.Read more