The number of brand-new apartments released for sale across greater Tokyo in May was 6-times the amount seen this time last year, according to the Real Estate Economic Institute. A total of 2,578 apartments were released for sale, up from just 393 in May 2020.
In May 2020, the country was under the first of several pandemic-related state of emergency declarations. Developers closed showrooms in April and May, holding off on sales. Although Tokyo was under its third state of emergency this May, the response to the pandemic by real estate companies has been far less intense, with sales activities continuing as normal. Demand from home buyers has not wavered.
The contract ratio was 69.3%, down 4.3 points from the previous month and down 3.0 points from last year. For high-rise apartments over 20 stories, the contract ratio was 77.1%.
In Tokyo’s 23 wards, the average sale price was 69,340,000 Yen, down 11.4% from last year. The average price per square meter was 1,213,000 Yen, down 14.2% from last year.
Source: The Real Estate Economic Institute, June 17, 2021.
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