Approximately 37,000 new apartments are estimated to be released for sale in greater Tokyo in 2016, resulting in the lowest supply since 2009. In an environment of rising construction costs and rising sale prices, developers are being cautious to keep a careful balance between supply and demand.
According to the Real Estate Economic Institute, 2,903 new apartments were offered for sale across greater Tokyo in October, down 15.2% from the previous month and down 0.6% from last year. 1,789 apartments were sold, resulting in a contract ratio of 61.6%, down 10.4 points from the previous month and down 7.2 points from last year.
153 apartments in high-rise buildings (over 20-storeys) were released for sale, down 67.8% from last year. The contract ratio was 52.3%, down 27.5 points from last year.
The average price of a new apartment across greater Tokyo was 54,060,000 Yen, down 3.1% from the previous month but up 0.8% from last year. The average price per square meter was 793,000 Yen, up 0.1% from the previous month and up 4.5% from last year.
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