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

Economy

Tokyo, Dec. 17 (Jiji Press)--The number of new condominiums put up for sale in the greater Tokyo area in November grew 2.8 pct from a year earlier to 3,461 units, up for the third consecutive month, the Real Estate Economic Institute said Monday.

The growth was thanks mainly to a surge of about 70 pct in supply in Kanagawa Prefecture.

The average unit price rose 8.4 pct to 60.17 million yen, according to the think tank.

Sales contracts were concluded within the month for 53.9 pct of the new supply in Tokyo, Kanagawa, and Chiba and Saitama prefectures. The rate stood below 60 pct for the first time since January 2016.

An official of the think tank said the possibility is growing that the estimated last-minute surge in housing demand before the consumption tax hike to 10 pct from 8 pct will not be very large partly because the existing income tax break program for housing loan borrowers is set to be extended.

[Copyright The Jiji Press, Ltd.]

Jiji Press