Tokyo-Area New Condo Supply Down 50 Pct in April

Economy

Tokyo, May 20 (Jiji Press)--The number of new condominiums put up for sale in the Tokyo metropolitan area in April plunged 51.7 pct from a year before to 686, hitting the lowest level for a single month since the survey started in 1973, a private think tank said Wednesday.

The drop came after a number of showrooms closed in line with the government's coronavirus emergency declaration.

According to the Real Estate Economic Institute, sales activities by real estate agencies were substantially restricted mainly because showrooms, even if open, were reservation-only.

The institute estimates that the number of new condominiums launched in May will dive 77.3 pct to 500.

In April, however, the contract rate came to 78.9 pct, topping the boom-or-bust dividing line of 70 pct, thanks to efforts to narrow the supply for potential buyers.

[Copyright The Jiji Press, Ltd.]

Jiji Press