New apartment prices in Tokyo up 10.6% from last year

According to the Real Estate Economic Institute, a total of 2,895 brand-new apartments were released for sale across greater Tokyo in October, down 14.1% from the previous month but up 2.8% from last year. Sales in several large-scale projects within Tokyo pushed up the total supply for the month. The Institute had previously forecast a supply of 3,500 units for the month, but there were several cases of sales being delayed due to the quake-shock absorber falsified data scandal that came to light last month.

The average sale price was 59,460,000 Yen, up 6.4% from last year. The average price per square meter was 889,000 Yen, up 9.6% from last year.

The contract ratio was 67.5%, a 6.8 point improvement from last year.

Tokyo Metropolitan Area

1,462 new apartments were released for sale in the Tokyo metropolitan area, up 14.6% from last year. The average sale price was 69,840,000 Yen, up 7.6% from last year. The average price per square meter was 1,120,000 Yen, up 10.6% from last year.

The contract ratio was 69.8%. 90 apartments priced over 100 million Yen were sold.

Source: The Real Estate Economic Institute, November 15, 2018.