New Condo Sales in Greater Tokyo Sluggish in Feb.

Economy

Tokyo, March 17 (Jiji Press)--Sales of new condominiums in the greater Tokyo area were sluggish in February reflecting a drop in supplies and a surge in prices, private-sector data showed Tuesday.

Sales contracts were concluded for 59.3 pct of new condominiums put up for sale in Tokyo and three neighboring prefectures--Kanagawa, Saitama and Chiba--in the month, down 3.7 percentage points from the previous month, according to the Real Estate Economic Institute.

The proportion stood under the boom-or-bust dividing line of 70 pct for six months in a row and slipped below 60 pct for the first time since November last year.

A total of 1,488 new condominiums went on sale in the metropolitan area in February, down 35.7 pct from a year before, while the average unit price rose 3.9 pct to 65.36 million yen.

The novel coronavirus outbreak is expected to hit the condominium market hard from March. Some potential buyers are canceling reservations for showroom tours, an official of a major condominium developer said.

[Copyright The Jiji Press, Ltd.]

Jiji Press