New apartment price across greater Tokyo reaches a historic high from April to September
As reported in Japan Property Central, the average price of a brand-new apartment for sale in greater Tokyo during H1 2021 (April to September) hit the highest level in history.
The average price was JPY67,020,000 (USD587,346), a 10.1 percent increase from the first half of 2020 and the highest price seen since the Real Estate Economic Institute began reporting in 1973, it said.
The institute attributed this rise to the popularity of high-priced apartments in central Tokyo.
The previous record was last seen in H1 1991 when the average price was recorded at JPY61,370,000 (USD537,769).
From last year, apartment supply rose by 44.7 percent to 12,809 units, which is the highest supply figure seen since the first half of 2018.
Additionally, Tokyo’s 23 wards saw supply jump by 587.9 percent from the first half of 2020.
The contract ratio across greater Tokyo was 70.6 percent, while Tokyo’s 23 wards were at 70.4 percent. 70 percent is said to be the line indicating healthy market conditions.
Moreover, in the 23 wards, the average price of a brand-new apartment increased by 17 percent from the first half of 2020 to JPY86,860,000 (USD761,228).
The average price per square metre was JPY1,366,000 (USD11,972), a 12.1 percent jump from last year, which is the biggest increase in prices across the five sectors of greater Tokyo.
The remaining inventory across greater Tokyo decreased by 12.9 percent from last year, while in the 23 wards, inventory dropped 21.1 percent.
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