{"id":13749,"date":"2021-04-30T10:30:12","date_gmt":"2021-04-30T03:30:12","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=12198"},"modified":"2021-06-04T16:12:26","modified_gmt":"2021-06-04T09:12:26","slug":"supply-of-new-apartments-in-tokyo-increased-for-the-first-time-in-3-years","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/supply-of-new-apartments-in-tokyo-increased-for-the-first-time-in-3-years\/","title":{"rendered":"Supply of new apartments in Tokyo increased for the first time in 3 years"},"content":{"rendered":"<p><span data-contrast=\"auto\">New apartment price per square\u00a0<\/span><span data-contrast=\"auto\">metre<\/span><span data-contrast=\"auto\">\u00a0also hit a 30-year high in\u00a02020<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<figure id=\"attachment_12199\" aria-describedby=\"caption-attachment-12199\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-12199 size-full\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/04\/processed-1-3.jpeg\" alt=\"\" width=\"1000\" height=\"667\" \/><figcaption id=\"caption-attachment-12199\" class=\"wp-caption-text\">Low unemployment, as well as low-interest rates, have persisted to support the market for homebuyers. Source: KristiBlokhin\/Shutterstock<\/figcaption><\/figure>\n<p><span data-contrast=\"auto\">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 <a href=\"https:\/\/japanpropertycentral.com\/2021\/04\/new-apartment-price-sqm-in-2020-hits-30-year-high\/\" target=\"_blank\" rel=\"noopener\">Japan Property Central<\/a>.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">An increase of 1.7 percent from 2019, 29,032 apartments were supplied.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">During the first State of Emergency, sales offices were closed in April and May, resulting in record-low supply. <\/span><span data-contrast=\"auto\">However, the market bounced back in June, with demand returning robustly.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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 co<\/span><span data-contrast=\"auto\">ndominiums.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Low unemployment, as well as low-interest rates, have persisted to support the market for homebuyers. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/singapore-private-property-prices-increase-3-3-in-q1\/\" target=\"_blank\" rel=\"noopener\"><strong>More: Singapore private property prices increase 3.3% in Q1<\/strong><\/a><\/p>\n<p><span data-contrast=\"auto\">Supply in Tokyo\u2019s 23 wards dropped 15.2 percent as land development sites remain in short supply, and the Saitama Prefecture\u00a0<\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\">aw a 1.4 percent drop. Meanwhile, Kanagawa Prefecture saw a 1.7<\/span><span data-contrast=\"auto\">\u00a0percent<\/span><span data-contrast=\"auto\">\u00a0increase, and Chiba\u00a0<\/span><span data-contrast=\"auto\">Prefecture a 59.7<\/span><span data-contrast=\"auto\">\u00a0percent<\/span><span data-contrast=\"auto\">\u00a0increase.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Moreover<\/span><span data-contrast=\"auto\">, the average price per square\u00a0<\/span><span data-contrast=\"auto\">metre<\/span><span data-contrast=\"auto\">\u00a0increased 0.4\u00a0<\/span><span data-contrast=\"auto\">percent<\/span><span data-contrast=\"auto\">\u00a0to JPY905,000 (USD8316.64). This is the ninth\u00a0<\/span><span data-contrast=\"auto\">consecutive year to see a year-on-year increase in the price per square\u00a0<\/span><span data-contrast=\"auto\">metre<\/span><span data-contrast=\"auto\">, the highest price since 1990 (JPY949,000\/sqm).\u00a0<\/span><span data-contrast=\"auto\">Land and construction costs have led to apartment prices\u00a0<\/span><span data-contrast=\"auto\">remaining<\/span><span data-contrast=\"auto\">\u00a0high.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In Tokyo\u2019s 23 wards, the average price was JPY75,640,000, a 2.2 percent jump from 2019, with an average price per square\u00a0<\/span><span data-contrast=\"auto\">metre<\/span><span data-contrast=\"auto\">\u00a0of JPY1,221,000, 6.1 percent higher than 2019.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New apartment price per square\u00a0metre\u00a0also hit a 30-year high in\u00a02020\u00a0<\/p>\n","protected":false},"author":12,"featured_media":19722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[1158,146,1336,144],"class_list":["post-13749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-apartments","tag-japan","tag-remote-working","tag-tokyo","news_country-japan","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Supply of new apartments in Tokyo increased for 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