Tokyo-Area New Condo Supplies Log First Drop in 5 Months

Economy

Tokyo, Feb. 19 (Jiji Press)--The number of new condominiums put up for sale in the Tokyo metropolitan area in January dropped 1.8 pct from a year before to 1,900 units, down for the first time in five months, a private think tank said Tuesday.

Real estate developers curbed the launch of new condominiums as they focused on selling inventories after a number of large-scale condominiums were put on the market late last year, according to officials of the Real Estate Economic Institute.

The institute's report covered data in Tokyo and three neighboring prefectures--Kanagawa, Saitama and Chiba.

The average unit price rose 6.8 pct to 56.53 million yen, up for the first time in two months, partly reflecting the launch of luxury properties in Tokyo's Shibuya Ward.

Condominium prices remain high in the greater Tokyo area, the officials noted.

[Copyright The Jiji Press, Ltd.]

Jiji Press