New apartment price across greater Tokyo rises by 16.3%

According to the Real Estate Economic Institute, the average price of a brand-new apartment released for sale across greater Tokyo in February was 74,180,000 Yen, up 16.3% from last year.

The increase in the average price is due to the release of several high-rise apartment towers in central Tokyo. One of those was Park Tower Kachidoki South which saw a same-day sellout. The average apartment price was 102,370,000 Yen, and 1,361,000 Yen/sqm. An average of 2.5 purchase applications were made on the 157 apartments released for sale, with the most popular apartment receiving 11 applications. 

In Tokyo’s 23 wards, the average price was 96,850,000 Yen, up 30.5% from last year. The average price per square meter increased by 26.0% to 1,484,000 Yen.

A total of 2,287 apartments went on sale across greater Tokyo, up 2.0% from last year. The contract ratio was 73.3%, down 2.7 points from last year but above the 70% line said to indicate healthy market conditions. In Tokyo’s 23 wards, 1,048 new apartments went on sale with a contract ratio of 74.8%. 

Source: The Real Estate Economic Institute, March 17, 2022.

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