Tokyo area condo supply up 21%

Kyodo

The number of new condominiums put up for sale in the greater Tokyo area soared 21.4 percent in October from a year ago to 3,506 units, a research institute said Monday.

Of the new condos in Tokyo, Chiba, Kanagawa and Saitama prefectures, 79.6 percent were sold, up 6.9 points from a year earlier and topping the boom-or-bust threshold of 70 percent for the ninth month straight, the Real Estate Economic Institute said.

The average price jumped 16.4 percent to ¥49.09 million.

In Osaka and five nearby prefectures, the supply of new condos plunged 33.4 percent to 1,404 units, dropping from the previous month’s surge of 85.3 percent.

The sales rate for units in the Kinki region came to 79.6 percent.