Fewer new Tokyo condos up for sale

Kyodo

The number of new condominiums put up for sale in February in the greater Tokyo area slumped 10.9 percent from a year earlier to 3,491 units, a fall for the sixth straight month, a private research agency said Thursday.

A sharp decline in the Tokyo metropolitan area and Kanagawa Prefecture dented the overall figure, according to the Real Estate Economic Institute.

The percentage of properties that found buyers in the month rose 1.1 points to 76.4 percent in Tokyo, Kanagawa, Saitama and Chiba prefectures.

In Osaka and five nearby prefectures, new condo supply surged 51.8 percent to 2,116 units, climbing above the 2,000 mark for the first time in five years.

The percentage of units sold during the month jumped 9 points to 77.1 percent.