New apartment supply drops 35.8% in March

According to the Real Estate Economic Institute, 2,142 brand-new apartments were released for sale across greater Tokyo in March, down 35.8% from last year. This is the lowest level seen for the month of March since 1992.

A total of 1,500 apartments sold within the first month of sales, resulting in a contract ratio of 70.0% – a 2.2 point decrease from last year. 

The average apartment price was 61,560,000 Yen, down 6.0% from last year. The average price per square meter was 973,000 Yen, up 2.7% from last year. In Tokyo’s 23 wards, the average price was 73,220,000 Yen (down 5.4% from last year) and 1,242,000 Yen per square meter (up 5.2% from last year).

Developers are shutting apartment showrooms this month in an effort to encourage social distancing. As a result, only 1,000 new apartments are expected to be released for sale across greater Tokyo in April. 

Source: The Real Estate Economic Institute, April 16, 2020.

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