New apartment prices reach 23-year high in greater Tokyo

Brillia Towers Meguro 1
Brillia Towers Meguro (completion in late 2017) is now 91% sold.

According to the Real Estate Economic Institute, the average price of a brand new apartment released for sale in greater Tokyo was 59,530,000 Yen (478,000 USD) in July, up 2.4% from the previous month and up 7.6% from last year. This is the highest sale price seen since May 1992, when prices were 59,710,000 Yen.

The average price per square meter in July was 850,000 Yen (635 USD/sq ft), up 2.5% from the previous month and up 10.2% from last year. This is the highest price seen since November 1992 (877,000 Yen/sqm).

An increase in the supply of luxury apartments as well as high construction costs is said to be behind the rise in the average sale price.

4,785 new apartments were released for sale, up 36.6% from the previous month and up 13.3% from last year. 4,003 apartments were sold, making the contract rate 83.7%.

1,722 apartments in high-rise buildings (over 20 storeys) were offered for sale, up 12.3% from last year. The contract rate was 92.3%.

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

  • Brillia Towers Meguro, Shinagawa-ku: 603 apartments sold; average price of 114,740,000 Yen.
  • Premist Kudan, Chiyoda-ku: 47 apartments sold; average price of 132,830,000 Yen.
  • Park Homes Nihonbashi Suitengumae, Chuo-ku: 50 apartments sold; average price of 60,660,000 Yen.
  • Park Homes Chofu Sakuratsutsumi Dori, Chofu City: 122 apartments sold; average price of 43,140,000 Yen.

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

Brillia Towers Meguro is under construction near Meguro Station. A total of 2,050 purchase applications were made on the 603 apartments offered for sale, with the most popular apartment receiving 43 offers. The project is due for completion in December 2017 and 91% of the apartments have already sold.

Tokyo Metropolitan Area Sales

2,020 new apartments were released for sale in Tokyo’s 23-ku, up 8.8% from the previous month but down 8.0% from last year. 1,684 apartments were sold, making the contract rate 83.3%.

The average new apartment price was 79,840,000 Yen (642,000 USD), up 18.9% from the previous month and up 27.9% from last year. The average price per square meter was 1,199,000 Yen (895 USD/sq ft), up 23.0% from the previous month and up 34.6% from last year. 417 apartments priced over 100 million Yen were sold, with a contract rate of 95.9%.

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

Studio54 (100% contract rate)
1-Bedroom226 (96.2%)
2-Bedroom443 (90.2%)
3-Bedroom869 (78.2%)
4-Bedroom80 (81.6%)

Average sale price by location:

Tokyo 23-ku79,840,000 Yen (+27.9% from July 2014)
Western Tokyo43,010,000 Yen (-23.7%)
Kanagawa Prefecture58,870,000 Yen (+28.1%)
Saitama Prefecture35,790,000 Yen (-14.1%)
Chiba Prefecture38,530,000 Yen (-7.2%)

Average sale price per square meter:

Tokyo 23-ku1,199,000 Yen (+34.6% from July 2014)
Western Tokyo575,000 Yen (-24.3%)
Kanagawa Prefecture826,000 Yen (+28.7%)
Saitama Prefecture493,000 Yen (-15.3%)
Chiba Prefecture534,000 Yen (-1.5%)

The Institute is expecting 2,500 new apartments to be released for sale in August.

Sources:
The Real Estate Economic Institute, August 18, 2015.
The Nikkei Shimbun, August 18, 2015.

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