According to the Real Estate Economic Institute’s report on the new apartment market in greater Tokyo, a total of 56,476 apartments were released for sale over the year, up 23.8% from 2012. This is the first time in six years that this number has exceeded 50,000. The previous high was in 2000 with 95,635 apartments released for sale.
In Tokyo’s 23-ku, 28,338 new apartments were released for sale, up 46.1% from the previous year.
Demand has also been keeping up with the increased supply, with the average monthly contract rate across greater Tokyo at 79.5%, up 3.2 points.
The average new apartment price was 49,290,000 Yen, up 8.6%. Prices have increased for the past three years. The average price per square meter was 697,000 Yen, up 8.1%.
In Tokyo’s 23-ku, the average apartment price was 58,530,000 Yen, up 10.8%. The average price per square meter was 865,000 Yen, up 8.0%.
1,504 apartments were priced over 100 million Yen, up 93.3% from 2012. The previous high was in 1990 with 3,079 apartments priced over 100 million Yen.
The most expensive apartment released for sale was a 287 sqm penthouse in Homat Royal priced at 780 million Yen (2,718,000 Yen/sqm).
An estimated 56,000 apartments are expected to be released in 2014.
Source: The Real Estate Economic Institute, January 22, 2014.
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