The supply of brand new apartments released for sale across greater Tokyo in April increased by 16.1% y-o-y to 2,426 units. The increase was largely due to a new round of sales in Harumi Flag, the former Athletes Village on Tokyo Bay.
A total of 389 apartments in Harumi Flag’s Park Village and Sun Village were released for sale in April, with each apartment receiving an average of 6.6 purchase applications. All apartments on offer sold out instantaneously. The most popular apartment received 69 purchase applications. The average apartment price in Park Village was 79,330,000 Yen, or 952,000 Yen/sqm. In Sun Village it was 63,980,000 Yen, or 853,000 Yen/sqm.
Across Tokyo’s 23 wards, the average price of a new apartment in April was 73,440,000 Yen, down 27.9% from last year. The average price per square meter was 1,084,000 Yen, down 27.6% from last year. The drop is due to a difference in the pricing of apartments released for sale this April compared to last April, with a number of high-end apartments released for sale in April 2021 pulling up the average for that month. The contract ratio was 82.3%, well above the 70% line said to indicate healthy market conditions. For apartments priced above 100 million Yen, the contract ratio was 78.3%.
Source: The Real Estate Economic Institute, May 23, 2022.
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