The Real Estate Economic Institute Co., Ltd. has revealed condominium market trends for August in the Tokyo metropolitan area and the Kinki region (six prefectures). In the Tokyo metropolitan area, the condominium supply in August amounted to 1,914 units, down by 6.2% from August last year, and the contract rate for the first month was 69.3%, down by 1.6 points year on year. In the Kinki region, the condominium supply decreased by 9.0%
from August last year to 1,057 units and the contract rate for the first month was 68.4%, up by 9.0 points year on year.

The condominium supply in the Tokyo metropolitan area in August decreased by 127 units (6.2%) to 1,914 units, compared with 2,041 units in August last year. Looking at the situation by areas, Saitama and Chiba Prefectures showed an increase by 30.5% and 57.0%, while, the 23 wards of Tokyo, the outer area of Tokyo and Kanagawa Prefecture decreased by 15.1%, 49.5% and 10.6% respectively.

The contract rate for the first month decreased by 1.6 points to 69.3% from 70.9% for August a year earlier and down by 6.0 points compared with 75.3% for the previous month.

The average unit price was 43.14 million yen, down by 4.85 million yen (10.1%) compared with 47.99 million yen in August last year. The price per sq. meter was 611,000 yen, down by 65,000 yen (9.6%) compared with 676,000 yen in August last year. Taken by area, the average unit price and the price per sq. meter increased in the outer area of Tokyo and Chiba Prefecture, while the 23 wards of Tokyo, Kanagawa and Saitama Prefecturessaw decline. The average amount of exclusively-owned area was 70.61 sq. meters, down by 0.6% compared with 71.03 sq. meters in the same month a year ago. On the first day of sale, 21 units in six properties were sold out (a share of 1.1%), of which 1,795 units were registered “Flat35” funded by Japan Housing Finance Agency (93.8%). As of the end of August, there were 7,037 condominium units available in stock, down by 409 unitscompared with 7,446 units in the previous month. The condominium supply for August is projected to be around 2,200 units.

In the Kinki region, the average unit price was 36.19 million yen, down by 0.8% year on year. The price persq. meter was 471,000 yen, down by 4.7%. The average unit price decreased for the fourth consecutive month and the price per sq. meter decreased for the third consecutive month. As of the end of August, there were 5,354 units available in stock, down by 215 units from the previous month. The condominium supply for September is projected to be around 1,800 units.