Tokyo-Area New Condo Supply Slumps 28.5 Pct in Aug.

Tokyo, Sept. 13 (Jiji Press)--The number of new condominium units put up for sale in the greater Tokyo area in August dropped 28.5 pct from a year earlier to 1,502, down for the second consecutive month, the Real Estate Economic Institute said Thursday.

The figure hit the lowest level for August since 1993, when it stood at 1,354.

Buyers grew cautious due to the recent price increases, leading developers and sellers to delay condo launches, industry sources said.

The average unit price declined 7.5 pct to 53.6 million yen.

Sales contracts were concluded in the month for 64.5 pct of the total new supply, standing below the boom-or-bust dividing line of 70 pct for the fifth straight month.

[Copyright The Jiji Press, Ltd.]

Jiji Press