Tokyo-Area New Condo Supply Up 21 Pct in Aug.

Economy

Tokyo, Sept. 17 (Jiji Press)--The number of new condominiums put up for sale in Tokyo and three neighboring prefectures in August rose 21.1 pct year on year to 1,819 units, marking its first increase in eight months, the Real Estate Economic Institute said Tuesday.

The total included 600 units, which will be first used as athletes' residences during the 2020 Tokyo Olympic and Paralympic Games and then renovated after the games end.

The average unit price rose 19.5 pct to 64.05 million yen, driven up by the sale of relatively high-priced condos in Tokyo's densely populated 23 wards, including the athletes' residences.

The proportion of condos for which sales contracts were concluded within the first month of launch came to 75.4 pct, above the boom-or-bust dividing line of 70 pct for the first time in five months.

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Jiji Press