Tokyo-area condo starts up 16.4%

Kyodo

The number of new condominiums put up for sale in Tokyo and its three neighboring prefectures rose 16.4 percent in June from a year earlier to 4,007 units, a research agency said Wednesday.

The average unit price fell 1.1 percent to ¥44.58 million in the greater Tokyo region, the Real Estate Economic Institute said.

Of the new supply, 78.7 percent found buyers, down 0.5 point from a year earlier, but above the boom-or-bust line of 70 percent.

In Osaka and five nearby prefectures, new condominium supply in June grew 11.0 percent to 2,096 units, of which 81.6 percent found buyers, up 6.7 points from the year before.