New apartment supply in Tokyo’s 23 wards drops 37% from last year

According to the Real Estate Economic Institute, 2,342 brand new apartments were released for sale across greater Tokyo in April, down 35.3% from March and down 14.6% from last year. The reason for the drop in supply is due to a smaller number of large-scale projects on the market compared to this time last year. More of these major projects are expected in the near future, and supply may soon return to normal levels.

The average sale price was 55,480,000 Yen, down 6.3% from last year, while the average price per square meter was 800,000 Yen, down 6.5% from last year.

The contract ratio was 63.0%, down 3.3 points from last year.

Tokyo Metropolitan Area

929 new apartments were released for sale in Tokyo’s metropolitan area, down 37.7% from last year. The average sale price was 67,640,000 Yen, down 4.0% from last year. The average sale price per square meter was 1,041,000 Yen, up 0.6% from last year.

The contract ratio was 61.7%, down 10.8 points from last year.

Source: The Real Estate Economic Institute, May 21, 2018.

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