Jan.-June Condo Supply in Tokyo Area Up for 2nd Year

Economy

Tokyo, July 17 (Jiji Press)--The number of new condominiums put up for sale in the greater Tokyo area in January-June grew 5.3 pct from a year earlier to 15,504 units, up for the second consecutive year on a first-half basis, a private think tank said Tuesday.

Many condominiums were launched in locations near train stations mainly in Chiba and Kanagawa prefectures, reflecting robust demand, the Real Estate Economic Institute said.

The institute also said the average unit price in Tokyo and three neighboring prefectures--Kanagawa, Saitama and Chiba--rose 1.3 pct to 59.62 million yen, extending the rising streak to a sixth year.

The price rise was attributed chiefly to high land acquisition and labor costs.

Meanwhile, initial contract rates for the first six months of 2018 averaged 66.7 pct, failing to exceed the boom-or-bust dividing line of 70 pct for the third straight year.

[Copyright The Jiji Press, Ltd.]

Jiji Press