New apartment supply drops 38% in October

The supply of brand-new apartments released for sale across greater Tokyo for the month of October was 2,055 units, down 38.8% from last year and down 11.1% from the previous month. Unsold inventory dropped 16.9% from last year to 5,376 units.

The contract ratio was 71.4%, up 1 point from last year and above the 70% line said to indicate healthy market conditions. For apartments in high-rise buildings above 20 storeys, the contract ratio was 85.9%, up 13.2 points from last year. 

In Tokyo’s 23 wards, a total of 1,071 new apartments were released for sale, down 31.3% from last year. The contract ratio was 73.7%, and 72.5% for apartments priced over 100 million Yen. The average apartment price was 84,550,000 Yen, up 11.8% from last year, and the average price per square meter was 1,445,000 Yen, also up 11.8%.

A total of 3,500 apartments are expected to be supplied across greater Tokyo in November.

Source: The Real Estate Economic Institute, November 18, 2021.

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