Tokyo-Area New Condo Supply Down 29.5 Pct in Oct.

Economy

Tokyo, Nov. 18 (Jiji Press)--The number of new condominiums put up for sale in Tokyo and three neighboring prefectures in October fell 29.5 pct from a year before to 2,007 units, hitting the lowest level on record for the month, the Real Estate Economic Institute said Monday.

The share of condos for which sales contracts were concluded within the month of launch was 42.6 pct, far below the boom-or-bust dividing line of 70 pct and the lowest level since August 1975, when the figure stood at 42.0 pct.

The October results came after suppliers postponed or halted sales due to Typhoon Hagibis, which hit the greater Tokyo area, including the three prefectures of Chiba, Saitama and Kanagawa, on Oct. 12-13, during a three-day weekend.

Some showrooms near rivers suspended operations for prolonged periods due to the powerful typhoon.

The typhoon "had a strong impact (on the October results) at a time when prices were rising and sales were sluggish," an official at the private think tank said.

[Copyright The Jiji Press, Ltd.]

Jiji Press