On December 21, the Real Estate Economic Institute published a forecast of the new apartment market across the greater Tokyo region.
The annual supply of brand-new apartments to be released for sale in 2022 is expected to reach 34,000 units, up 4.6% from 2021. Last year, approximately 32,500 units were assumed to have been released for sale across greater Tokyo, up 19.4% from 2020 as the real estate market boomed amidst the pandemic.
In Tokyo’s 23 wards, 14,000 new apartments are expected to be offered in 2022, up 1.4% from 2021. Some of the projects will include large-scale developments along Tokyo Bay and in central Tokyo.
Unsold inventory across greater Tokyo is expected to remain in the low 5,000 unit range. At the end of November 2021, unsold inventory sat at 5,697 units, down 16.7% from November 2020 and the lowest level since 2015.
Demand for luxury apartments in central Tokyo is expected to remain high in 2022, with prices forecast to increase. For suburban areas around convenient train stations, prices are expected to remain steady.
The average price of a brand-new apartment released for sale across greater Tokyo (Tokyo, Kanagawa, Saitama, and Chiba Prefectures) between January and November 2021, reached 64,760,000 Yen, the highest level since 1990 (61,230,000 Yen) and a 6.5% increase from 2020. In Tokyo’s 23 wards it reached 83,270,000 Yen, an 8% increase from 2020.
Source: The Real Estate Economic Institute, December 21, 2021.
909 total views, 10 views today