New apartment prices in January

According to the Real Estate Economic Institute, a total of 1,826 new apartments were released for sale in greater Tokyo in January, down 77.9% from the previous month but up 6.1% from January 2013. 

The contract rate for the month was 78.6%, up 2.5 points from the previous month and up 9.4 points from last year.

The average apartment price was 46,370,000 Yen, down 1.8% from last year. The average price per square meter was 660,000 Yen, down 4.2% from last year.

The following buildings saw same-day sellouts* in January:

*Same-day sellouts occur when all of the apartments released for sale are sold on the first day of that particular sales campaign. As many developers released apartments for sale in stages, it does not necessarily mean that all apartments in the building have sold.

Tokyo Metropolitan Area Sales:

A total of 911 apartments were released for sale in Tokyo’s 23-ku, of which 802 were sold (88% contract rate). The average price was 52,890,000 Yen, up 2.6% from last year. The average price per square meter was 795,000 Yen, down 0.3%.

No. of sales by apartment type in Tokyo’s 23-ku:

  • Studio: 5 (83.3% contract rate)
  • 1-Bedroom: 65 (91.5% contract rate)
  • 2-Bedroom: 149 (90.3% contract rate)
  • 3-Bedroom: 561 (88.6% contract rate)
  • 4-Bedroom: 22 (61.1% contract rate)

Average sale price by area:

  • Tokyo 23-ku: 52,890,000 Yen (+2.6% from January 2013)
  • Western Tokyo: 37,790,000 Yen (-12.4%)
  • Kanagawa Prefecture: 41,610,000 Yen (-10.9%)
  • Saitama Prefecture: 40,030,000 Yen (+7.1%)
  • Chiba Prefecture: 36,460,000 Yen (-0.7%)

Average sale price per square meter:

  • Tokyo 23-ku: 795,000 Yen (-0.3% from January 2013)
  • Western Tokyo: 555,000 Yen (-8.3%)
  • Kanagawa Prefecture: 556,000 Yen (-13.1%)
  • Saitama Prefecture: 530,000 Yen (+3.7%)
  • Chiba Prefecture: 458,000 Yen (-4.2%)

Source: The Real Estate Economic Institute, February 13, 2014.

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