New apartment supply in 2019 reaches lowest level in 27 years
In 2019 a total of 31,238 brand-new apartments were released for sale across greater Tokyo, down 15.9% from 2018 and the first time in three years to see an annual drop. Supply has dropped to a third of the level seen in 2000.
Tokyo’s 23 wards saw a 13.9% drop, while Kanagawa saw supply fall by 12.5%.
Existing apartment prices in Tokyo up 3.4% in 2019
The average asking price of a 70 sqm (753 sq.ft) existing apartment in Tokyo's 23 wards reached 55,660,000 Yen in 2019, up 3.4% from 2018. The average building age was 24.5 years, up from an average of 23.5 years in 2018.
New apartment supply in December drops 14.3%
According to the Real Estate Economic Institute, a total of 6,392 brand-new apartments were released for sale across greater Tokyo in December, up 94.1% from the previous month but down 14.3% from the previous year.
Apartment rents in greater Tokyo climb 4.5% in 2019
The average monthly rent for a condominium-type apartment across greater Tokyo in 2019 was 2,886 Yen/sqm, up 4.5% from 2018. This was primarily due to an increase in rents within the Tokyo metropolitan area, while Yokohama City saw rents fall.
Remaining apartment inventory in Tokyo drops for first time in 27 months
According to REINS, a total of 2,810 second-hand apartments were reported to have sold across greater Tokyo in December, down 11.5% from the previous month and down 5.9% from December 2018. New listings dropped for the 4th month in a row, with a 7.4% drop from the previous year.
Okinawa’s housing starts drop for first time in 5 years
Housing starts in Okinawa in 2019 are likely to see the first decline in five years. Total starts between January and November 2019 dropped 9.4% from the same period in 2018 to 13,854 units. The biggest drop was seen in rental housing.
Tokyo Apartment Sales in December 2019
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of December 2019: