The number of brand-new apartments released for sale across greater Tokyo in August dropped 40.1% from last year to just 1,162 units. This time last year saw several large-scale projects hit the market as the capital was emerging from a state of emergency.

According to the Real Estate Economic Institute, the average sale price was 61.02 million Yen (approx. US$430,000), down 18.1% from last year. The average price per square meter was 963,000 Yen, down 18.3% from last year.

The contract ratio was 62.0%, down 11 points from last year but up 1.3 points from the previous month. 

In Tokyo’s 23 wards, just 494 apartments were released for sale during the month. The average sale price was 79.05 million Yen (approx. US$555,000), down 26.9% from last year. The average price per square meter was 1,291,000 Yen, down 24.3% from last year. The average size of an apartment was just 61 sqm (656 sq.ft). 

Source: The Real Estate Economic Institute, September 21, 2022.