According to the Real Estate Economic Institute, 2,603 new apartments were released for sale across greater Tokyo in May, down 5.0% from the previous month and down 13.3% from last year. This is the lowest supply for the month of May seen since 1992 when 1,617 apartments were released for sale.
1,880 apartments were sold, resulting in a contract ratio of 72.2%, up 5.9 points from the previous month and up 1.3 points from last year.
Unsold inventory as at the end of May was 6,422 units, down 227 units from the previous month but up 385 units from May 2016.
The average price of a new apartment across greater Tokyo was 59,810,000 Yen, up 1.1% from the previous month and up 5.1% from last year. The average price per square meter was 861,000 Yen, up 0.6% from the previous month and up 4.6% from last year.
The following buildings saw same-day sellouts* in May:
- Brillia Tower Yoyogi-Koen Classy, Shibuya-ku: 116 apartments sold; average price of 120,550,000 Yen.
- Premist Hibarigaoka, Nishi-Tokyo: 70 apartments sold; average price of 41,890,000 Yen.
- Grand Maison Motosumiyoshi, Kawasaki: 17 apartments sold; average price of 66,880,000 Yen.
Brillia Tower Yoyogi-Koen Classy is a 19-storey high-rise under construction about 450 meters west of Yoyogi Park. An average of 1.6 purchase applications were made on each apartment, with the most popular apartment receiving 15 applications. The building is now 60% sold, and construction is expected to be completed by December 2018.
* Same-day sellouts occur when all of the apartments released for sale in a particular sales campaign receive purchase applications. As many developers release apartments for sale in stages, it does not necessarily mean that all apartments in the building have sold.
Tokyo Metropolitan Area Sales
1,206 new apartments were offered for sale in the Tokyo metropolitan area, down 19.1% from the previous month and down 8.9% from last year. 896 apartments were sold, resulting in a contract ratio of 74.3%.
The average new apartment price was 73,780,000 Yen, up 4.7% from the previous month and up 16.0% from last year. The average price per square meter was 1,107,000 Yen, up 7.0% from the previous month and up 13.4% from last year.
No. of sales by apartment type in Tokyo’s 23 wards:
| Studio: | 13 (76.4% contract ratio) |
| 1-Bedroom: | 110 (82.7%) |
| 2-Bedroom: | 245 (79.8%) |
| 3-Bedroom: | 502 (71.3%) |
| 4-Bedroom: | 21 (55.3%) |
Average sale price:
| Tokyo’s 23 wards: | 73,780,000 Yen (+16.0% from May 2016) |
| Western Tokyo: | 51,630,000 Yen (-7.0%) |
| Kanagawa Prefecture: | 51,370,000 Yen (-8.7%) |
| Saitama Prefecture: | 41,870,000 Yen (-12.1%) |
| Chiba Prefecture: | 41,610,000 Yen (+9.9%) |
Average sale price per square meter:
| Tokyo’s 23 wards | 1,107,000 Yen (+13.4% from May 2016) |
| Western Tokyo: | 720,000 Yen (-6.0%) |
| Kanagawa Prefecture: | 705,000 Yen (-10.2%) |
| Saitama Prefecture: | 597,000 Yen (-9.3%) |
| Chiba Prefecture: | 580,000 Yen (+13.3%) |
The Institute is expecting 3,500 new apartments to be released for sale in June (2016 = 3,050; 2015 = 3,503; 2014 = 3,503; 2013 = 4,888).
Source: The Real Estate Economic Institute, June 15, 2017.
