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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Nationwide supply of new condos in 2019 hits 43-year low

The total number of brand-new condos supplied for sale across Japan in 2019 reached the lowest level since 1976. Supply dropped by 12.0% from the previous year to 70,660 units. The greater Tokyo region saw a 15.9% drop, while the Kinki region (which includes Osaka) saw a 13.9% drop. In 1994, annual supply peaked at 188,343 units.

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