Tokyo-area new condo supply falls

Kyodo

The number of new condominiums put on sale in Tokyo and three neighboring prefectures in September fell 9.3 percent from a year earlier to 3,366 units, a research agency said Tuesday.

The average unit price dropped 3.4 percent from the year before to ¥41.20 million in the metropolitan area, which also covers Kanagawa, Saitama and Chiba prefectures, the Real Estate Economic Institute said. Of the new condo supply, 69.3 percent found buyers in the reporting month in the area, down 8.4 percentage points from a year earlier.

In the Osaka area, the new condo supply in September gained 1.2 percent to 1,981 units.