Tokyo-Area New Condo Supply Up 2.8 Pct in Oct.

Economy

Tokyo, Nov. 15 (Jiji Press)--The number of new condominium units put up for sale in the greater Tokyo area in October rose 2.8 pct from a year before to 2,895 units, up for the second straight month, the Real Estate Economic Institute said Thursday.

The growth was led by large-scale condominiums launched in central Tokyo.

Developers delayed the launch of some condominiums following the revelations of inspection data manipulation by KYB Corp. <7242>, a maker of earthquake-mitigating oil dampers, according to an official of the institute.

But the institute has yet to figure out the extent of the impact from the data scandal on condominium supply as it has no information about how many condominiums have been affected by the delay, the official said.

The average unit price rose 6.4 pct to 59.46 million yen.

[Copyright The Jiji Press, Ltd.]

Jiji Press