New apartment supply in Tokyo sinks to 41 year low
According to the Real Estate Economic Institute, 2,701 new apartments were offered for sale across greater Tokyo in November, down 7.0% from the previous month and down 22.7% from 2015. This is the lowest level seen for the month of November since 1975. The leading cause of the drop in supply was that there were very few large-scale, 100-unit-plus apartment buildings offered for sale.
1,689 apartments were sold, resulting in a contract ratio of 62.5%, up 0.9 points from the previous month but down 19.6 points from last year.
195 apartments in high-rise buildings (over 20-storeys) were released for sale, up 27.5% from the previous month but down 83.1% from last year. The contract ratio was 65.1%, down 27.2 points from last year.
The average price of a new apartment across greater Tokyo was 51,610,000 Yen, down 4.5% from the previous month and down 18.4% from last year. The average price per square meter was 749,000 Yen, down 5.5% from the previous month and down 14.0% from last year.Read more