New apartment sales in Tokyo reach 47-year low

According to the Real Estate Economic Institute, the number of new apartments released for sale across greater Tokyo in April reached the lowest level seen since the Institute began collecting data in 1973. As developers shuttered salesrooms following the declaration of the state of emergency in mid-April, new home sales have stalled. Just 686 apartments were released for sale, down 68.0% from the previous month and down 51.7% from last year. A new record low is expected in May with the Institute forecasting a supply of 500 apartments.

The average apartment price in Tokyo’s 23 wards increased by 3.8% from last year to 71,170,000 Yen. Saitama prefecture saw a 14.9% year-on-year increase, while Kanagawa prefecture saw a 3.0% decrease.

The average price per square meter in Tokyo’s 23 wards was 1,156,000 Yen, up 0.8% from last year.

The contract ratio across greater Tokyo was 78.9%, up 8.9 points from the previous month and up 14.6 points from last year.

In the Kinki region, which includes Osaka, 494 apartments were released for sale. This is the lowest level since August 1992 when 410 apartments were supplied. 

Source: The Real Estate Economic Institute, May 20, 2020.

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