Tokyo condo supply grows 22%

Kyodo

The number of new condominiums put up for sale in the greater Tokyo area grew 22.0 percent in June from a year earlier to 4,888 units, a research institute said Tuesday.

Sharp rises in Tokyo’s 23 wards and Chiba Prefecture pushed up the overall figure, according to the Real Estate Economic Institute.

Of the new condos in Tokyo, Chiba, Kanagawa and Saitama prefectures, 81.6 percent found buyers. The average unit price rose 7.9 percent from a year earlier to ¥48.33 million.

In Osaka and five nearby prefectures, new condo supply grew 15.3 percent to 2,417 units in June, the institute said.

The percentage of units sold came to 80.7 percent, topping 70 percent for the 16th consecutive month.