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New apartment supply in February hits 45-year low

The number of brand-new apartments released for sale across greater Tokyo reached the lowest level seen for the month of February since 1975. 

According to the Real Estate Economic Institute, February’s figures were not the direct result of the recent worldwide outbreak of the novel coronavirus. However, should economic conditions and consumer outlook worsen as a result of the unprecedented global slowdown, it is likely that Japan’s developers will continue to limit the supply of new apartments in the coming months.

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February apartment transactions reach 12-year high

According to REINS, 3,749 second-hand apartments were reported to have sold across greater Tokyo in February, up 39.9% from the previous month and up 7.6% from last year. The average sale price was 35,730,000 Yen, up 2.7% from last year. The average price per square meter was 547,600 Yen, up 2.8% from last year. This is the 13th month in a row to see a year-on-year increase in sale prices. 

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Japan’s regional land prices increase for first time in 28-years

Nationwide land prices rose for the fifth year in a row this year, but hard-hitting effects of the novel coronavirus could put a swift end to Japan’s real estate recovery. 

According to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), the nationwide ‘chika-koji’ assessed land price saw a 1.4% increase in 2020. This was a 0.2 point improvement from 2019’s 1.2% increase. 

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An option for those who need to sell their apartment quickly

This article is intended only for sellers who are looking to dispose of their property very quickly.

Selling real estate on the open market in Tokyo can typically take several months if the property is priced correctly. But, if you have bought into the wrong building or are trying to sell at the wrong time, it can take much longer – years even.

Real estate is illiquid and cannot be quickly traded like stocks. What if you need to sell in a hurry?

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