Tokyo-Area New Condo Supply Down 35 Pct in March

Tokyo, April 16 (Jiji Press)--The number of new condominiums put up for sale in the Tokyo metropolitan area in March plunged 35.8 pct from a year before to 2,142, due to the fallout from the coronavirus pandemic, a private think tank said Thursday.

The pandemic reduced visitor traffic to model homes, the Real Estate Economic Institute said.

The average unit price fell 6.0 pct to 61.56 million yen.

An institute official said that the pandemic may have a lingering impact on condominium supply.

"There are many buildings whose construction periods have become unclear" due to work suspensions caused by the virus, the official said.

[Copyright The Jiji Press, Ltd.]

Jiji Press