New apartment supply in central Tokyo down 26%

According to the Real Estate Economic Institute, 1,679 brand new apartments were released for sale in greater Tokyo in January, down 82.1% from the previous month and down 8.1% from January 2014. This is about 16% lower than the Institute’s estimate for the month.

1,258 apartments were sold, making the contract rate 74.9%, up 5.0 points from the previous month but down 3.7 points from last year.

The average new apartment price was 44,550,000 Yen, down 11.3% from the previous month and down 3.9% from last year. The average price per square meter was 639,000 Yen, down 10.0% from the previous month and down 3.2% from last year.

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Central Tokyo apartment prices up 6.9% from last year

According to REINS, 2,440 second-hand apartments were sold across greater Tokyo in January 2015, down 2.3% from the previous month and down 9.2% from last year. This is the 10th month in a row to see a year-on-year decline.

The average apartment sale price was 27,980,000 Yen, down 1.7% from the previous month but up 4.7% from last year. The average price per square meter was 437,300 Yen, down 2.6% from the previous month but up 5.3% from last year. The average building age was 19.51 years.

1,193 second-hand apartments were sold in the Tokyo metropolitan area, down 4.6% from the previous month and down 9.3% from last year. The average sale price was 33,220,000 Yen, down 5.3% from the previous month but up 1.3% from last year. The average price per square meter was 567,600 Yen, down 4.4% from the previous month but up 4.1% from last year. The average building age was 18.89 years.

In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), the average sale price was 48,030,000 Yen, down 16.2% from the previous month and down 1.4% from last year. The average size of an apartment sold in January shrunk by 10.3% from the month before, while the average building age was 4 years older, which may help explain the fairly large drop in price from the previous month. The average sale price per square meter was 933,000 Yen, down 6.6% from the previous month but up 6.9% from last year.

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