New Condo Supply in Tokyo Area Down for 2 Months in Row

Economy

Tokyo, March 18 (Jiji Press)--The number of new condominiums put up for sale in the Tokyo metropolitan area in February dropped 6.7 pct from a year before to 2,323 units, down for the second consecutive month, the Real Estate Economic Institute said Monday.

The decline came mainly because real estate developers have been focusing on reducing their inventories, which increased late last year, while curbing new supplies, according to the private think tank.

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

The average unit price rose 2.5 pct to 62.84 million, up for two months in a row, chiefly because prices in the 23 wards of Tokyo climbed 8.6 pct to 78.41 million yen on average.

Sales contracts were concluded for 65.6 pct of the total supply, with the proportion standing below the boom-or-bust dividing line of 70 pct for the 11th straight month, the institute said.

[Copyright The Jiji Press, Ltd.]

Jiji Press