New apartment supply dwindling in Tokyo

According to the Real Estate Economic Institute, 3,503 brand new apartments were released for sale across greater Tokyo in June, down 18.5% from the previous month and down 28.3% from last year. This is the fifth month in a row to see a year-on-year decline.

2,683 new apartments were sold, making the contract rate 76.6%. This is 2.3 points lower than the previous month and 5.0 points lower than last year. A contract rate above 70% suggests a strong market. According to REINS, 2,812 second-hand apartments were sold in June, exceeding the number of new apartments sold.

The average new apartment price was 48,300,000 Yen, down 6.3% from the previous month and down 0.1% from last year. The average price per square meter was 683,000 Yen, down 5.4% from the previous month and down 0.4% from last year.

Park Mansion Mita Tsunamachi to go on sale this month

Park Mansion Mita Tsunamachi The Forest Modelroom

Mitsui’s latest development – Park Mansion Mita Tsunamachi The Forest – goes on sale at the end of this month. Although prices have yet to be officially announced, this could be the most expensive condominium to go on sale in Tokyo this year. The model room was opened to the public over the weekend, but we had a sneak peak last week.

The 11-storey building is currently under construction on a large 6,100 sqm site directly south of the Australian Embassy. It is directly across the street from the gardens of the historic members-only Tsunamachi Mitsui Club as well as Mitsui’s very first Park Mansion building – Mita Tsunamachi Park Mansion (1971).

About the model room

The 167 sqm (1,797 sqft) 1-Bedroom room is filled with optional extras and non-standard finishes. The original plan for this apartment is two bedrooms, one bathroom and a study. In addition this apartment, along with two others, also have private ‘atelier’ rooms on the 10th floor. The atelier that comes with this particular apartment is 35 sqm and has a mini kitchen, toilet, shower room and a 21 sqm roof terrace. Perfect for a home office, man cave or guest room.

New apartment prices in Tokyo down 5.1% from last year

According to the Real Estate Economic Institute, 4,300 new apartments were released for sale across greater Tokyo in May, up 73.9% from the previous month but down 13.4% from May 2013. This is the fourth month in a row to see a year-on-year drop in the supply of new apartments.

3,392 apartments were sold over the month, making the contract rate 78.9%. This is 4.2 points higher than the previous month and 0.8 points higher than last year. According to REINS, 2,638 secondhand apartments were sold in May.

The average new apartment price was 51,560,000 Yen, up 6.4% from the previous month and up 5.6% from last year. The average price per square meter was 722,000 Yen, up 2.7% from the previous month and up 4.2% from last year.

Toranomon Hills officially open from today

Toranomon Hills Tokyo 1

Mori Building’s latest high-rise – Toranomon Hills – is officially open today. At 247m tall, the 52-storey building is Tokyo’s second highest mixed-use building after Tokyo Midtown. An opening ceremony was yesterday, with Prime Minister Shinzo Abe giving a speech.

The building contains office space on floor 6 to 35, apartments on floors 37 to 46 and the Andaz Hotel on floors 47 to 52. Of the 172 apartments, 70 were offered for sale (most have already sold) with the remaining apartments offered for rent.

Monthly rents range from 550,000 Yen (5,400 USD) for a 1-bedroom up to 2.92 million Yen (28,500 USD).

New apartment supply in April down 40%

According to the Real Estate Economic Institute, 2,473 new apartments were released for sale across greater Tokyo in April, down 46.7% from March and down 39.6% from April 2013. This is the third month in a row to see a year-on-year drop in the supply of new apartments.

1,848 apartments were sold, making the contract rate 74.7%. This is 5.1 points lower than the contract rate in March and 3.5 points lower than last year. Meanwhile, 2,785 secondhand apartments were sold during the month, down 30.3% from March and down 10.7% from last year. 

Supply of new apartments in Tokyo shrinking

According to the Real Estate Economic Institute, 4,641 new apartments were released for sale across greater Tokyo in March, up 75.1% from February but down 9.7% from March 2013. This is the second month in a row where the apartment supply has fallen below the level from last year.

Since Spring in 2013, demand for new apartments has exceeded developer expectations and supply is starting to run short. The current stock of 3,828 apartments at the end of March is about half of the normal level for greater Tokyo.

New apartment prices in Tokyo up 26%

According to the Real Estate Economic Institute, 2,651 new apartments were released for sale across greater Tokyo in February, down 24.1% from last year but up 45.2% from the previous month. Record snowfall across Tokyo in February caused some developers to postpone sales until March, which caused the drop in numbers.

Demand still remains strong with a contract rate of 80.6%, up 4.2 points from last year and up 2.0 points from January. 

New apartment prices in January

According to the Real Estate Economic Institute, a total of 1,826 new apartments were released for sale in greater Tokyo in January, down 77.9% from the previous month but up 6.1% from January 2013. 

The contract rate for the month was 78.6%, up 2.5 points from the previous month and up 9.4 points from last year.

The average apartment price was 46,370,000 Yen, down 1.8% from last year. The average price per square meter was 660,000 Yen, down 4.2% from last year.

Looking back at the new apartment market in Tokyo in 2013

According to the Real Estate Economic Institute’s report on the new apartment market in greater Tokyo, a total of 56,476 apartments were released for sale over the year, up 23.8% from 2012. This is the first time in six years that this number has exceeded 50,000.  The previous high was in 2000 with 95,635 apartments released for sale.

In Tokyo’s 23-ku, 28,338 new apartments were released for sale, up 46.1% from the previous year. 

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