Tokyo’s apartment market summary for 2012

The following is a summary of findings from the Real Estate Economic Institute’s report on the apartment market in greater Tokyo in 2012:

  • 45,602 new apartments hit the market in 2012, an increase of 2.5% from 2011. This is far below the record of 95,635 new units that were available in 2000. 
  • Of those, 19,398 units (42.5%) were in Tokyo’s 23 wards, 4,863 units (10.7%) were in Western Tokyo, 11,262 units (24.7%) were in Kanagawa, 5,828 units (12.8%) were in Saitama and 4,251 units (9.3%) were in Chiba. The number of new units in Chiba was up 22.9% from 2011.
  • 74% of the new apartments for sale were priced below 50 million Yen.
  • The average price for a new condominium in greater Tokyo in 2012 was 45,400,000 Yen, down 0.8% from 2011.
    • Tokyo’s 23 wards: 52,830,000 Yen (-1.0% from 2011)
    • Western Tokyo: 43,180,000 Yen (+4.0%)
    • Kanagawa: 41,670,000 Yen (+0.2%)
    • Saitama: 36,870,000 Yen (+0.2%)
    • Chiba: 35,630,000 Yen (-5.0%)
  • The average price per square meter in 2012 was 644,000 Yen.
    • Tokyo’s 23 wards: 801,000 Yen/sqm (-1.2% from 2011)
    • Western Tokyo: 580,000 Yen/sqm (+4.7%)
    • Kanagawa: 576,000 Yen/sqm (+1.1%)
    • Saitama: 503,000 Yen/sqm (+0.8%)
    • Chiba: 460,000 Yen/sqm (-5.5%)
  • The contract rate in 2012 was 76.3%, down 1.5 points from 2011. The rate in the first half of the year was 77.6%, but had dropped to 75.2% in the second half of 2012.
  • 4,969 units were sold on the very first day they were offered for sale, representing 10.9% of the total stock. In 2011, 4,872 units sold out on the first day, representing 10.9% of the total stock.
  • The supply of new apartments in greater Tokyo in 2013 is expected to reach 50,000 units.

Source:
The Real Estate Economic Institute, January 21, 2013. (PDF)

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