New apartment sales drop 82.2% in May

The number of new apartments released for sale across greater Tokyo in May dropped 82.2% from last year to just 393 units. This is the lowest volume since the Real Estate Economic Institute began reporting data in 1973. Showrooms remained closed for most of the month due to the nationwide state of emergency. The contract ratio was 72.3%, up 12.3 points from last year but down 6.6 points from April.

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Rent subsidy for retail landlords

A severe downturn in the retail, food, and beverage industry has led many struggling tenants to reach out to their landlords to request rent discounts. Although there are no government directives protecting tenants at this time, landlords are being encouraged to cooperate with tenant requests where possible. But, not all landlords are in a position to do so, with rental income often going towards loan repayments and property holding costs. Recently, some local cities have started offering financial support to those landlords.

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Tokyo apartment transactions drop 38% in May

The number of second-hand apartments reported to have sold across greater Tokyo in May dropped 38.5% from last year to 1,692 units. With the state of emergency continuing into May, the temporary closure of real estate brokerages and general restraint from consumers saw a slowdown in activity. The drop is less severe than it was in April, which recorded a 52.6% year-on-year drop in transactions.

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Tokyo apartment discounts in May

The real estate market continued to stall in May as businesses remained shut and people stayed home. Transactions in Tokyo are still down considerably from last year although there has been some improvement from April, and activity is already starting to resume in early June. Discounts still remain limited in many cases as sellers hold firm.

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