According to the Real Estate Economic Institute, 1,821 brand-new apartments were released for sale across greater Tokyo in February, down 20.4% from last year.
The contract ratio was 73.3%, above the 70% line said to indicate healthy market conditions. The average apartment price per square meter was 1,015,000 Yen, down 7.3% from last year, and the first decrease in four months. The average price per square meter in Tokyo’s 23 wards was 1,333,000 Yen, down 10.2% from last year.
There were 21 apartments priced over 300 million Yen that went on sale in February, and 17 of those were sold, resulting in an 81% contract ratio.
Source: The Real Estate Economic Institute, March 16, 2023.
