Fewer Tokyo condos put on market


The number of condominiums offered for sale in Tokyo and surrounding areas fell more than expected in April after the Tohoku quake raised concerns among developers that demand may slow.

The number of new condos put on the market dropped 27.3 percent from a year earlier to 2,336 units, the Real Estate Economic Research Institute said in a report Wednesday. The pace of decline was faster than the 25 percent the researcher and publisher had forecast last month.

Nomura Real Estate Holdings Inc. and other real estate firms have held back sales on concerns that demand will weaken and a shortage of building materials caused by reconstruction in the disaster-hit region will delay the completion of apartment projects.