According to the Real Estate Economic Institute, the market for new condominiums in Tokyo is showing signs of improvement as sales numbers and prices increase in May.
A total of 4,967 new apartments were released for sale in May, up 49.2% from May 2012 and up 21.4% from the previous month. The contract rate (the number of new apartments sold as a percentage of the total number for sale) was 78.1%, which is above the 70% indicator of a good market. The contract rate for apartments in high-rise buildings above 20 stories was 84.6%.
Contract rate by area:
- Tokyo 23-ku: 82.1%
- Western Tokyo: 76.2%
- Kanagawa Prefecture: 79.4%
- Saitama Prefecture: 67.6%
- Chiba Prefecture: 71.3%
The average sale price of a new apartment in greater Tokyo was 48,950,000 Yen (516,500 USD), up 4.2% from last year. The average price per square meter was 693,000 Yen, up 0.1% from last year. The average price in Tokyo’s 23-ku was 58,240,000 Yen (614,600 USD), up 4.0% from last year.
Kanagawa Prefecture saw apartment prices increase by 20.4% to 45,970,000 Yen (485,000 USD). However, not all areas saw positive results. Sale prices in Western Tokyo and Saitama Prefecture had both fallen by over 10%. The average price per square meter in Saitama had dropped by 20%.
A little over half of the apartments sold in Tokyo’s 23-ku were 3-bedrooms, while 30% were 2-bedroom apartments. 21 apartments sold in May were priced over 200 million Yen (2.11 million USD).
Average sale price by area:
- Tokyo 23-ku: 58,240,000 Yen (+4.0% from May 2012)
- Western Tokyo: 43,700,000 Yen (-10.6%)
- Kanagawa Prefecture: 45,970,000 Yen (+20.4%)
- Saitama Prefecture: 33,840,000 Yen (-13.3%)
- Chiba Prefecture: 38,790,000 Yen (+2.7%)
Average sale price per square meter:
- Tokyo 23-ku: 879,000 Yen (+0.7% from May 2012)
- Western Tokyo: 611,000 Yen (-12.7%)
- Kanagawa Prefecture: 620,000 Yen (+15.0%)
- Saitama Prefecture: 459,000 Yen (-20.0%)
- Chiba Prefecture: 498,000 Yen (-0.8%).
, June 17, 2013.