Tokyo Area New Condo Supply Down 4.9 Pct in Nov.

Economy

Tokyo, Dec. 17 (Jiji Press)--The number of new condominiums put up for sale in the Tokyo metropolitan area in November fell 4.9 pct from a year before to 3,293, down for the third consecutive month, a private think tank said Tuesday.

Sales contracts were concluded for 55.2 pct of the total, with the rate staying below the boom-or-bust dividing line for three months in a row, the Real Estate Economic Institute said.

The disappointing results reflected a lack of large-scale condominiums put up for sale.

The average unit price went down 9.1 pct to 54.69 million yen, the first drop in four months, due chiefly to a decrease in supplies in Tokyo's 23 wards, where condominium prices are high.

The data cover Tokyo and three neighboring prefectures--Kanagawa, Saitama and Chiba.

[Copyright The Jiji Press, Ltd.]

Jiji Press