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.