New apartment price per square metre also hit a 30-year high in 2020
According to the Real Estate Economic Institute, the total number of brand-new apartments listed for sale throughout greater Tokyo in 2020 spiked for the first time in three years, reported Japan Property Central.
An increase of 1.7 percent from 2019, 29,032 apartments were supplied.
During the first State of Emergency, sales offices were closed in April and May, resulting in record-low supply. However, the market bounced back in June, with demand returning robustly.
As remote working has been adopted by companies, people have been spending more time at home, leading to a growing desire to move out into larger, more spacious condominiums.
Low unemployment, as well as low-interest rates, have persisted to support the market for homebuyers.
Supply in Tokyo’s 23 wards dropped 15.2 percent as land development sites remain in short supply, and the Saitama Prefecture saw a 1.4 percent drop. Meanwhile, Kanagawa Prefecture saw a 1.7 percent increase, and Chiba Prefecture a 59.7 percent increase.
Moreover, the average price per square metre increased 0.4 percent to JPY905,000 (USD8316.64). This is the ninth consecutive year to see a year-on-year increase in the price per square metre, the highest price since 1990 (JPY949,000/sqm). Land and construction costs have led to apartment prices remaining high.
In Tokyo’s 23 wards, the average price was JPY75,640,000, a 2.2 percent jump from 2019, with an average price per square metre of JPY1,221,000, 6.1 percent higher than 2019.
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