New apartment supply in Tokyo drops for 5th month

Supply of brand-new apartments across greater Tokyo between January and May has fallen to the lowest levels seen following the crash of the bubble in 1992. Rather than release new apartments onto the market, developers are focusing their attention on reducing unsold inventory.

According to the Real Estate Economic Institute, a total of 2,206 brand-new apartments were released for sale across greater Tokyo in May, up 55.2% from the previous month but down 10.4% from last year. This is the fifth month in a row to see a year-on-year decline in supply. The average apartment size was 68.16 sqm (733 sq.ft).

Tokyo sees drop in new listings for first time in 19 months

According to REINS, a total of 2,749 second-hand apartments were reported to have sold across greater Tokyo in May 2019, down 20% from the previous month and down 1.3% from last year. The average sale price was 33,250,000 Yen, down 2.2% from the previous month but up 0.6% from last year. The average price per square meter was 518,000 Yen, down 2.8% from the previous month but up 1.4% from last year. The average age of an apartment sold was 21.63 years.

Is Furano the next Niseko?

As land values in Niseko skyrocket, investors have been shifting their attention to more affordable ski locations around Hokkaido. One of those destinations is Furano which is seeing an influx in foreign investment and foreign tourists. Located 110 kilometers north-east of Sapporo, or a 2-hour drive, the city is becoming increasingly known for its high-quality powder snow.

A forecast of new apartment prices between 2019 and 2025

On May 28, the Japan Real Estate Institute (JREI) issued their latest medium-term forecast for the price of brand-new apartments in Tokyo’s 23 wards. As we saw last year, price predictions have again been revised upwards from earlier forecasts. In 2019, the average new apartment price is forecast to be 1,065,000 Yen/sqm, up 0.4% from 2018 and 7.7% than an earlier forecast. 

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