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.

Greater Tokyo second-hand apartment prices increase for 70th month in a row

According to REINS, 3,096 second-hand apartments were sold across greater Tokyo in October, down 4.6% from the previous month and down 0.2% from last year. The average sale price was 32,750,000 Yen, down 0.5% from the previous month but up 2.0% from last year. The average price per square meter was 505,700 Yen, down 1.6% from the previous month but up 0.8% from last year. This is the 70th month in a row to record a  year-on-year increase in sale prices.