{"id":24958,"date":"2021-08-25T08:47:23","date_gmt":"2021-08-25T01:47:23","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=24958"},"modified":"2021-08-25T08:52:51","modified_gmt":"2021-08-25T01:52:51","slug":"demand-for-new-apartments-in-japan-continue-to-outpace-supply","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/demand-for-new-apartments-in-japan-continue-to-outpace-supply\/","title":{"rendered":"Demand for new apartments in Japan continues to outpace supply"},"content":{"rendered":"

Greater Tokyo\u2019s new apartment supply drops 6 percent in July\u00a0<\/span><\/p>\n

\"\"
As stated by the Real Estate Economic Institute, 1,952 new apartments were released for sale. anju901\/Shutterstock\u00a0<\/span><\/figcaption><\/figure>\n

In July,\u00a0the supply of brand-new apartments across Greater Tokyo\u00a0dropped 6.2 percent\u00a0from last year, the first year-on-year decline in eight months, reported Japan Property Central<\/a>.\u00a0<\/span>\u00a0<\/span><\/p>\n

The main attribute of this decline\u00a0is\u00a0the projects launched in the first half of the year by developers to meet high demand from buyers.\u00a0<\/span>\u00a0<\/span><\/p>\n

As stated by the Real Estate Economic Institute, 1,952 new apartments were released for sale.\u00a0<\/span>\u00a0<\/span><\/p>\n

The contract ratio was recorded at 68.3 percent, a\u00a05.9 point\u00a0increase from last year.<\/span>\u00a0<\/span><\/p>\n

Meanwhile, demand continues to surpass supply, with inventory decreasing 16\u00a0percent from July 2020.\u00a0<\/span>\u00a0<\/span><\/p>\n

The average sale price was listed at JPY64,980,000 (USD591,722), 6.1\u00a0percent higher than last year. Moreover, the average price per square\u00a0metre\u00a0was JPY984,000\u00a0(USD8,960), a 7.8 percent increase from\u00a02020.\u00a0<\/span>\u00a0<\/span><\/p>\n

More: Detached house sales in Japan hit new high with 1,248 units sold in July<\/strong><\/a><\/p>\n

In Tokyo\u2019s 23 wards, a total of 932 new apartments were released for sale.\u00a0<\/span>\u00a0<\/span><\/p>\n

The average sale price was JPY83,190,000\u00a0(USD757,546), up 3.6 percent from last year, while the average price per square\u00a0metre\u00a0was\u00a0JPY1,289,000\u00a0(USD11,737),\u00a0a\u00a03.5\u00a0percent\u00a0jump.\u00a0<\/span>\u00a0<\/span><\/p>\n

\n
\n

The Property Report editors wrote this article. For more information, email:\u00a0<\/span><\/i>propertyreport@propertyguru.com<\/span><\/i><\/a>.<\/span><\/i>\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Greater Tokyo\u2019s new apartment supply drops 6 percent in July\u00a0\u00a0<\/p>\n","protected":false},"author":12,"featured_media":24959,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[2280,2281,2279,146],"class_list":["post-24958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-apartment-sector","tag-demand-and-supply","tag-greater-tokyo","tag-japan","news_country-japan","news_author-property-report"],"acf":[],"yoast_head":"\nDemand for new apartments in Japan continues to outpace supply | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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