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Contract ratio on new apartments in greater Tokyo reaches lowest level in 27 years

According to the Real Estate Economic Institute’s report on the new apartment market for 2018, a total of 37,132 brand new apartments were released for sale across the greater Tokyo area (Tokyo, Kanagawa, Saitama and Chiba Prefectures), up 3.4% from 2017. The average price of a new apartment was 58,710,000 Yen, down 0.6% from the previous year. In Tokyo’s 23 wards the average price was 71,420,000 Yen, up 0.7% from 2017. 

Greater Tokyo second-hand apartment prices increase for 72nd month in a row

According to REINS, 2,987 second-hand apartments were reported to have sold across greater Tokyo in December 2018, down 7.4% from the previous month and down 0.8% from the previous year. The average sale price was 33,800,000 Yen, up 2.5% from the previous month and up 1.8% from 2017. The average price per square meter was 524,100 Yen, up 3.1% from the previous month and up 0.9% from 2017. This is the 72nd month in a row to record a year-on-year increase in sale prices.