The total supply of new apartments released for sale across greater Tokyo in April saw a year-on-year drop of 39.3% to just 1,421 apartments. This is the lowest supply seen for the month of April since 1992. The reason for the low supply is due to both developers putting their efforts towards selling current inventory, along with an expectation of low buyer turnout during the 10-day Golden Week holiday. 

Related reading: New apartment supply across greater Tokyo continues to drop in 2019

The contract rate for the month was 64.3%, a 1.3 point improvement from last year but below the 70% line said to indicate healthy market conditions. 

The average apartment price was 58,950,000 Yen, up 6.3% from last year. The average price per square meter was 931,000 Yen, up 16.4% from last year. 

Tokyo’s 23 wards

726 new apartments were released for sale in Tokyo’s 23 wards, down 21.9% from last year. The average apartment price was 68,560,000 Yen, up 1.4% from last year. The average price per square meter was 1,147,000 Yen, up 10.2% from last year.

71 apartments priced over 100 million Yen were on offer, with 76% of them going under contract within the first month of sales. 

Source: The Real Estate Economic Institute, May 21, 2019. Japan Property Central

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New apartment supply across greater Tokyo continues to drop in 2019

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