New apartment supply drops 8% from last year

According to the Real Estate Economic Institute, the supply of brand-new apartments released for sale across greater Tokyo in August dropped 8.2% from last year to 1,669 units. This time last year saw the release of several hundred apartments in the Harumi Flag Athlete’s Village conversion project on Tokyo Bay.

The contract ratio for the month was 68.5%, up 6.1 points from the previous month but down 6.9 points from last year. The average apartment price was 60,110,000 Yen, down 6.2% from last year. The average price per square meter was 933,000 Yen, up 4.2% from last year. 

In Tokyo’s 23 wards, just 589 apartments were released for sale, down 51.0% from last year. Saitama saw supply increase by 179.4% from last year, while Chiba Prefecture saw supply jump by 296.2% to 206 units.

The average price in Tokyo’s 23 wards was 68,860,000 Yen, down 4.0% from last year, while the average price per square meter climbed 22.7% to 1,207,000 Yen. 

In Osaka City, 734 apartments were released for sale, down 7.3% from last year. The contract ratio was 90.9%, while the average apartment price was 28,790,000 Yen. 

Source: The Real Estate Economic Institute, September 17, 2020.

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