New apartment supply in 2019 reaches lowest level in 27 years

The Court Jingu-Gaien was home to the expensive apartment in Tokyo in 2019.

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%. 

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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. 

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New apartment contract ratio hits 10 year low in November

According to the Real Estate Economic Institute, a total of 3,461 brand new apartments were released for sale across greater Tokyo in November, up 21.7% from the previous month and up 2.8% from last year. 

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The Parkhouse Shinjuku Gyoen has reached completion

Construction of The Parkhouse Shinjuku Gyoen, a 14-storey condominium located directly across the street from the Shinjuku Gyoen National Garden, reached completion last month.

The building contains 52 luxury residences ranging in size from 55 ~ 100 sqm (592 ~ 1,076 sq ft). When sales began back in early 2016, apartments were priced from 64 ~ 269 million Yen, with an average price of around 1,725,000 Yen/sqm.

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Park Court Aoyama The Tower

MINAMI AOYAMA, MINATO-KU, TOKYO
BUILT IN 2017   |   163 UNITS   |   26 FLOORS

SIZE RANGE: 33.76 ~ 234.04 m² (363 ~ 2,518 ft²)
AVERAGE PRICE: ¥3,000,000 ~ ¥7,500,000/m²

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Construction scandal shakes new apartment sales in October

Brillia Towers Meguro
Sold Out: Brillia Towers Meguro

According to the Real Estate Economic Institute, 2,921 new apartments were released for sale in October, up 20.2% from the previous month but down 6.5% from last year. This is the second month in a row to see a decline in supply from the previous year and has been attributed to both an increase in prices as well as the discovery of a faulty condominium in Yokohama last month which has caused turmoil in the real estate industry. Before news broke of the construction mishap, the Institute were predicting 3,500 apartments to be offered for sale in October. Although Autumn is typically a period of heavy sales activity by developers, the sales of several projects were delayed due to the uncertainty following the Yokohama apartment scandal. Only one large-scale project (a building containing over 100 units) went on sale in October, down from four large-scale projects last year.

A researcher from the Institute said that visitor numbers to apartment show rooms were relatively flat, and it is possible that developers will continue to delay sales until consumer confidence in the new apartment market improves.

2,010 apartments were sold, making the contract rate 68.8%, up 2.8 points from the previous month and up 5.5 points from last year.

475 apartments in high-rise buildings (over 20 storeys) were offered for sale, up 36.5% from last year. The contract rate was 79.8%.

The average price of a brand new apartment released for sale in greater Tokyo was 53,640,000 Yen, down 0.5% from the previous month but up 17.6% from last year. The average price per square meter was 759,000 Yen, down 0.3% from the previous month but up 19.0% from last year.Read more


New apartment supply and prices down in May

Park Homes Yotsuya Sanchome Crest City Kiba
[Left] Park Homes Yotsuya Sanchome; [Right] Crest City Kiba
According to the Real Estate Economic Institute, 3,495 new apartments were released for sale across Greater Tokyo in May, up 52.9% from the previous month but down 18.7% from last year. This is the fifth month in a row to see a year-on-year drop in supply.

2,486 apartments were sold, making the contract rate 71.1%. This is a decline of 4.4 points from the previous month and 7.8 points from last year.

The average new apartment price was 48,120,000 Yen, down 9.3% from the previous month and down 6.7% from last year. The average price per square meter was 679,000 Yen, down 10.4% from the previous month and down 6.0% from last year.Read more