Tokyo-Area New Condo Supply Hits Record Low in May

Economy

Tokyo, June 18 (Jiji Press)--The number of new condominiums put up for sale in the Tokyo metropolitan area in May plunged 82.2 pct from a year before to 393 units, hitting the lowest level for any month on record, a private think tank said Thursday.

Many showrooms were shut in the month due to the spread of the new coronavirus.

The average price of the newly supplied condominiums rose 6.4 pct to 64.85 million yen, pushed up by expensive properties in central Tokyo, Real Estate Economic Institute Co. said.

Condominium sellers continue to face a headwind even after the Japanese government fully lifted its coronavirus state of emergency on May 25, with many of them limiting the number of visitors to showrooms.

The number of new condominiums to be launched the greater Tokyo area is expected to total some 1,000 units in June, less than half of the year-before level.

[Copyright The Jiji Press, Ltd.]

Jiji Press