Tokyo-Area New Condo Supply Down 21 Pct in April-Sept.

Economy

Tokyo, Oct. 17 (Jiji Press)--The number of new condominiums put up for sale in the greater Tokyo area in April-September tumbled 21.7 pct from a year earlier to 11,996 units, an industry survey showed Thursday.

The number in the area, including the three prefectures of Chiba, Saitama and Kanagawa, fell to the lowest level for the period since 1992, according to the survey by the Real Estate Economic Institute.

Real estate companies reduced supply due to difficulty acquiring in-demand land near stations and construction cost increases reflecting higher labor costs.

The average condo unit price rose 4.2 pct to 60.06 million yen, highest since April-September 1991, when the average stood at 61.37 million yen.

In Tokyo's densely populated 23 wards, the average advanced 1.8 pct to 71.05 million yen.

[Copyright The Jiji Press, Ltd.]

Jiji Press