New apartment prices in greater Tokyo increase for 5th month in a row

According to the Real Estate Economic Institute, there were 2,101 brand new apartments offered for sale across greater Tokyo in August, down 38.7% from the previous month but up 6.9% from last year. The average sale price was 57,940,000 Yen, down 11.7% from the previous month but up 2.3% from last year. The average price per square meter was 871,000 Yen, up 9.1% from last year and the fifth month in a row to record a year-on-year increase.

The contract ratio in greater Tokyo was 68.2%, up 1.6 points from last year. In the Tokyo metropolitan area it was 72.4%, above the 70% line said to indicate healthy market conditions.

The following buildings saw same-day sellouts in August:

  • Initia Kasai, Edogawa-ku: 3 apartments sold; average price of 50,310,000 Yen.
  • Clio Chigasaki Southern Marks, Chigasaki City: 18 apartments sold; average price of 51,860,000 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.

In the Tokyo metropolitan area, 1,067 new apartments were released for sale, down 42.7% from the previous month but up 71.3% from last year. The average sale price was 69,470,000 Yen, down 5.9% from the previous month and down 4.0% from last year. The average price per square meter was 1,108,000 Yen, down 0.3% from the previous month but up 3.6% from last year. Kanagawa Prefecture saw the average price-per-square-meter drop by 19.4% from last year, while Saitama Prefecture saw an increase of 11.9%.

There were 6,107 unsold apartments as at the end of August, down 121 units from August 2016.

Source: The Real Estate Economic Institute, September 14, 2017.

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