New apartment supply in Tokyo down for 7th month
According to the Real Estate Economic Institute, 3,050 brand new apartments were released for sale in greater Tokyo in June, up 1.6% from the previous month but down 12.9% from last year. This is the 7th month in a row to see a year-on-year decline in supply.
2,124 apartments were sold, resulting in a contract ratio of 69.6%, down 1.3 points from the previous month and down 9.1 points from last year. 410 apartments in high-rise buildings (over 20-storeys) were offered for sale, down 45.0% from last year. The contract ratio was 81.0%, up 7.1 points from the previous month but down 0.6 points from last year.
The average price of a new apartment across greater Tokyo was 56,720,000 Yen, down 0.4% from the previous month and down 2.5% from last year. The average price per square meter was 823,000 Yen, showing no change from the previous month but down 0.7% from last year.Read more