New apartment supply in Tokyo down for 9th month

brillia-tower-ueno-ikenohata
Brillia Tower Ueno Ikenohata

According to the Real Estate Economic Institute, 1,966 new apartments were released for sale in greater Tokyo in August, down 40.7% from the previous month and down 24.7% from last year. This is the 9th month in a row to see a year-on-year decline in supply.

1,310 apartments were sold, resulting in a contract ratio of 66.6%, up 3.3 points from the previous month but down 7.7 points from last year. 435 apartments in high-rise buildings (over 20-storeys) were released for sale, down 1.6% from last year. The contract ratio was 73.1%, down 12.2 points from last year.

The average price of a new apartment across greater Tokyo was 56,620,000 Yen, up 0.1% from the previous month but down 3.6% from last year. The average price per square meter was 798,000 Yen, down 1.0% from the previous month and down 3.2% from last year.

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

  • Brillia Tower Ueno Ikenohata, Bunkyo-ku: 12 apartments sold; average price of 87,800,000 Yen.
  • Grande Maison Omotesando, Shibuya-ku: 3 apartments sold; average price of 147,670,000 Yen.
  • Cielia Shonan Tsujido, Chigasaki City: 16 apartments sold; average price of 54,540,000 Yen.
  • Gala Residence Toda Koen Central Square, Saitama: 2 apartments sold; average price of 30,980,000 Yen.

 

Brillia Tower Ueno Ikenohata is a 36-storey apartment building that will overlook Ueno Park. The 361-unit building is due for completion in June 2019. The first round of sales began in June 2016 and 359 purchase applications were made on the 187 apartments offered for sale. The sales office had received over 6,000 requests for property brochures and over 3,000 groups had visited the show room before sales began. Average prices were around 1,400,000 ~ 1,500,000 Yen/sqm.

*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.

Tokyo Metropolitan Area Sales

623 new apartments were released for sale in Tokyo’s 23 wards, down 52.4% from the previous month and down 45.4% from last year. 379 apartments were sold, resulting in a contract ratio of 60.8%.

The average new apartment price was 72,380,000 Yen, up 8.2% from the previous month and up 11.3% from last year. The average price per square meter was 1,070,000 Yen, up 6.7% from the previous month and up 13.3% from last year.

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

  • Studio: 3 (33% contract ratio)
  • 1-Bedroom: 23 (44%)
  • 2-Bedroom: 67 (53%)
  • 3-Bedroom 271 (67%)
  • 4-Bedroom: 14 (61%)

 

Average sale price:

  • Tokyo’s 23 wards: 72,380,000 Yen (+11.3% from Aug. 2015)
  • Western Tokyo: 49,090,000 Yen (+1.6%)
  • Kanagawa Prefecture: 59,390,000 Yen (-5.1%)
  • Saitama Prefecture: 37,580,000 Yen (-11.5%)
  • Chiba Prefecture: 39,880,000 Yen (+7.3%)

 

Average sale price per square meter:

  • Tokyo’s 23 wards: 1,070,000 Yen (+13.3%)
  • Western Tokyo: 673,000 Yen (+5.3%)
  • Kanagawa Prefecture: 829,000 Yen (-4.2%)
  • Saitama Prefecture: 521,000 Yen (-12.6%)
  • Chiba Prefecture: 534,000 Yen (+4.7%)

 

The Institute is expecting 3,000 apartments to be released for sale in September (2015 = 2,430 units; 2014 = 3,336 units; 2013 = 5,970 units; 2012 = 3,366 units).

Osaka region

The supply of new apartments released for sale in the Osaka/Kinki region increased from the previous year for the second month in a row. 1,238 new apartments were released for sale in August, up 27.8% from 2015. The contract ratio was 73.8%, down 5.6 points from last year.

The average new apartment price was 39,130,000 Yen, up 7.5% from last year. The average price per square meter was 562,000 Yen, down 7.1% from last year.

Source: The Real Estate Economic Institute, September 14, 2016.

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