New apartment sales in Tokyo in April 2017

According to the Real Estate Economic Institute, 2,741 brand new apartments were released for sale across greater Tokyo in April, down 19.6% from the previous month but up 38.6% from last year. This is the 3rd month in a row to see a year-on-year increase in supply.

1,817 apartments were sold, resulting in a contract ratio of 66.3%, up 0.1 points from the previous month but down 0.1 points from last year.

Unsold inventory as at the end of April was 6,649 apartments, down 100 units from the previous month but up 768 units from April 2016.

The average price of a new apartment across greater Tokyo was 59,180,000 Yen, up 5.9% from the previous month and up 2.9% from last year. The average price per square meter was 856,000 Yen, up 8.4% from the previous month and up 3.6% from last year.

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

  • Grande Maison Shinagawa Seaside-no-mori, Shinagawa: 238 apartments sold; average price of 65,420,000 Yen.
  • Grande Maison Sakura Shinmachi Residence, Setagaya: 4 apartments sold; average price of 74,800,000 Yen.
  • City Tower Musashi-Kosugi: 3 apartments sold; average price of 88,930,000 Yen.
  • Premist Toda-Koen, Saitama: 9 apartments sold; average price of 41,790,000 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.

Tokyo Metropolitan Area Sales

1,491 new apartments were released for sale in the Tokyo metropolitan area, up 8.9% from the previous month and up 71.0% from last year. 1,081 apartments were sold, resulting in a contract ratio of 72.5%.

The average new apartment price was 70,450,000 Yen, up 6.3% from the previous month but down 3.7% from last year. The average price per square meter was 1,035,000 Yen, up 6.9% from the previous month but down 7.1% from last year.

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

Studio:9 (52.9% contract ratio)
1-Bedroom:108 (82.4%)
2-Bedroom:264 (78.8%)
3-Bedroom:660 (70.3%)
4-Bedroom:36 (56.2%)

 

Average sale price:

Tokyo’s 23 wards:70,450,000 Yen (-3.7% from Apr. 2016)
Western Tokyo:49,260,000 Yen (+5.1%)
Kanagawa Prefecture:44,710,000 Yen (-3.1%)
Saitama Prefecture:44,370,000 Yen (+10.3%)
Chiba Prefecture:41,260,000 Yen (-10.4%)

 

Average sale price per square meter:

Tokyo’s 23 wards1,035,000 Yen (-7.1% from Apr. 2016)
Western Tokyo:714,000 Yen (+11.0%)
Kanagawa Prefecture:637,000 Yen (-2.2%)
Saitama Prefecture:614,000 Yen (+10.6%)
Chiba Prefecture:574,000 Yen (-5.9%)

 

 

The Institute is expecting 3,000 apartments to be released for sale in May (2016 = 3,002; 2015 = 3,495; 2014 = 4,300; 2013 = 4,967).

Source: The Real Estate Economic Institute, May 18, 2017.

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