New apartment price drops 5.5% in first half of 2022

According to the Real Estate Economic Institute, the average price of a brand-new apartment released for sale across greater Tokyo in the first half of 2022 (April – September) was 63,330,000 Yen, down 5.5% from the first half of 2021 and the first decrease in four years. This is due to fewer high-priced luxury condos being supplied compared to this time last year.

In Tokyo’s 23 wards, the average price was 77,680,000 Yen, down 10.6% from 2021. The average price per square meter was 1,218,000 Yen, down 10.8% from last year. A total of 5,186 apartments were supplied, down 11.8% from last year.

The average contract ratio in the 23 wards was 68.8%, exceeding that of western Tokyo (66.3%), Kanagawa Prefecture (66.9%), Saitama Prefecture (66.5%) and Chiba Prefecture (67.8%).

Remaining inventory in the 23 wards was 2,134 units at the end of September, down 19.6% from this time last year.

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

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