Tokyo-Area New Condo Supply Down 13.3 Pct in Jan.-June

Economy

Tokyo, July 18 (Jiji Press)--The number of new condominiums put up for sale in Tokyo and three neighboring prefectures in January-June fell 13.3 pct from a year before to 13,436, down for the first time in three years on a first-half basis, a private think tank said Thursday.

Real estate companies reduced supplies as consumers were cautious about buying condominiums due to rising prices, an official of the Real Estate Economic Institute said.

Supply declined in Tokyo and Chiba Prefecture while rising in Kanagawa and Saitama prefectures.

The proportion of condominiums for which sales contracts were concluded within the first month of launch came to 66.5 pct, below the boom-or-bust dividing line of 70 pct.

The average unit price rose 2.9 pct year on year to 61.37 million yen.

[Copyright The Jiji Press, Ltd.]

Jiji Press