New apartment supply in December drops 14.3%

According to the Real Estate Economic Institute, a total of 6,392 brand-new apartments were released for sale across greater Tokyo in December, up 94.1% from the previous month but down 14.3% from the previous year. 

The contract ratio was 61.3%, up 6.1 points from the previous month and an 11.9 point improvement from the previous year. 

The average apartment price was 58,760,000 Yen, down 0.3% from 2018. The average price per square meter was 839,000 Yen, down 2.7% from 2018.

In Tokyo’s 23 wards, 2,702 apartments were offered for sale, with a contract ratio of 63.2%. The average sale price was 74,440,000 Yen, down 4.0% from 2018. The average price per square meter was 1,096,000 Yen, down 11.8% from 2018. 406 apartments priced over 100 million Yen were offered for sale, with a same-month contract ratio of 60%.

A total of 2,000 new apartments are expected to be released for sale in January 2020.

Source: The Real Estate Economic Institute, January 22, 2020.

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