Jump in new Tokyo condos up for sale

Kyodo

The number of new condominiums put up for sale in greater metropolitan Tokyo grew 31.6 percent in July from a year earlier to 5,306 units — the highest for the month since 2007, a research institute said Monday.

The figure for new listings covering Tokyo, Chiba, Kanagawa and Saitama prefectures rose for the third straight month, the Real Estate Economic Institute said.

Of the new listings, 81.6 percent found buyers, an increase of 8.4 percent year on year, while the average unit price rose 9.9 percent from a year earlier to ¥51.28 million.

In Osaka and five nearby prefectures in western Japan, however, new listings fell 18.8 percent to 2,111 units in July — the first decline in two months, the institute said.

Of the new units listed in the Kinki region, 87 percent found buyers.