New apartment supply in Tokyo down for 8th month
According to the Real Estate Economic Institute, 3,317 brand new apartments were released for sale in greater Tokyo in July, up 8.8% from the previous month but down 30.7% from last year. This is the 8th month in a row to see a year-on-year decline in supply.
A shortage in the construction of large-scale projects has been a contributing factor to the decrease in supply.
2,101 apartments were sold, resulting in a contract ratio of 63.3%, down 6.3 points from the previous month and down 20.4 points from last year. 220 apartments in high-rise buildings (over 20-storeys) were offered for sale, down 87.2% from last year. The contract ratio was 54.1%, down 26.9 points from the previous month and down 38.2 points from last year.
The average price of a new apartment across greater Tokyo was 56,560,000 Yen, down 0.3% from the previous month and down 5.0% from last year. The average price per square meter was 806,000 Yen, down 2.1% from the previous month and down 5.2% from last year.Read more