According to the Real Estate Economic Institute, the number of new apartments to hit the market in greater Tokyo next year is forecast to reach 53,000 units. This is an increase of 17.6% from 2011.
This is due to an increase in construction projects as well as the postponement of apartment sales following the March 11 Tohoku disaster.
The majority of the new projects are buildings with less than 100 units (small to medium sized developments). The number of single-occupancy dwellings and ‘compact’ apartments with floor areas under 60 sqm (645 sqft) comprise just over 30% of next year’s offerings. With an increase in consumer concern about earthquake resistance and energy efficiency, many properties feature base isolation or vibration control systems, as well as solar power systems.
The number of new apartments in each area within greater Tokyo is as follows:
– Tokyo 23 wards: 24,000 units
– Kanagawa: 13,000 units
– Saitama: 7,000 units
– Western Tokyo: 5,000 units
– Chiba: 4,000 units
The Institute also reported the price movement for brand new apartments in Tokyo’s 23 wards (see below).
Source: The Nikkei Shimbun, December 20, 2011.
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