Tokyo-Area New Condo Supply Seen Rising 31 Pct in 2021

Economy

Tokyo, Dec. 22 (Jiji Press)--The number of new condominiums going on sale in the Tokyo metropolitan area in 2021 is expected to rise 31.1 pct from the estimate for 2020 to 32,000 units, Real Estate Economic Institute Co. said Monday.

The recovery from a coronavirus-caused slump this year is projected to be led by condo supply from large-scale projects in central Tokyo. The supply of condos in suburban areas is also expected to increase, reflecting the trend of more and more people working from home, according to the private think tank.

In 2020, the new condo supply in the greater Tokyo area is estimated at a little over 24,000 units, the lowest level since 1975.

The data cover Tokyo and three neighboring prefectures--Kanagawa, Saitama and Chiba.

The average price of condos newly supplied in the area between January and November this year stood at 62.54 million yen, the highest level since Japan’s asset-inflated bubble economy period through the early 1990s.

[Copyright The Jiji Press, Ltd.]

Jiji Press