Tokyo Area New Condo Supply Seen Rising 2.2 Pct in 2020

Economy

Tokyo, Dec. 19 (Jiji Press)--About 32,000 new condominiums will be put up for sale in the Tokyo metropolitan area in 2020, up 2.2 pct from the previous year, a private think tank said Thursday.

The increase is attributable to expected condo supply from large-scale projects, according to the Real Estate Economic Institute.

The data cover Tokyo and the neighboring prefectures of Kanagawa, Saitama and Chiba.

The institute forecast the small growth because consumers are increasingly cautious about buying condos following price rises, leading real estate developers to curb supply.

Many new condos are to be released in and outside Tokyo's 23 wards in 2020.

[Copyright The Jiji Press, Ltd.]

Jiji Press