New apartment supply in Tokyo down 31% in May

The supply of brand new apartments released for sale in Tokyo’s 23 wards in May was down 31.7% from last year, with the Real Estate Economic Institute suggesting that developers might be re-examining sales schedules due to rising construction costs and supply chain issues.

The average sale price in the 23 wards was 77,600,000 Yen, up 11.9% from last year, while the average price per square meter increased by 5.7% to 1,282,000 Yen. 

The contract ratio was 67.4%, down 1.7 points from last year and just below the 70% line said to indicate healthy market conditions. The contract ratio for apartments priced over 100 million Yen was 72.8%.

The average size of a new apartment across the greater Tokyo area, including Tokyo, Kanagawa, Chiba and Saitama, was 67.09 sqm.

Source: The Real Estate Economic Institute, June 20, 2022.

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