The supply of brand new apartments released for sale across Greater Tokyo in July dropped 6.2% from last year, resulting in the first year-on-year decline in eight months. This is due to developers having released most of their projects in the first half of the year to meet high demand from buyers.
According to the Real Estate Economic Institute, a total of 1,952 new apartments were released for sale. The contract ratio was 68.3%, up 5.9 points from last year.
Demand continues to outpace supply, with inventory down 16% from July 2020.
The average sale price was 64,980,000 Yen, up 6.1% from last year. The average price per square meter was 984,000 Yen, up 7.8% from last year.
In Tokyo’s 23 wards a total of 932 new apartments were released for sale. The average sale price was 83,190,000 Yen, up 3.6% from last year. The average price per square meter was 1,289,000 Yen, up 3.5% from last year.
Source: The Real Estate Economic Institute, August 19, 2021.
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