Tokyo condo supply surges 22.3%

Kyodo

The number of new condominiums put up for sale in the greater Tokyo area jumped 22.3 percent in November from a year before to 5,006 units, a research institute said Monday.

Of the new condos in Tokyo, Chiba, Kanagawa and Saitama prefectures, 79.6 percent found buyers, up 7.7 points from a year earlier and topping the boom-or-bust threshold of 70 percent for the 10th month straight, according to Real Estate Economic Institute.

The average price declined 0.7 percent to ¥49.67 million.

In Osaka and five nearby prefectures, new condo supply rose 5.0 percent to 1,781 units in the reporting month.

The portion of units sold in the Kinki region came to 76.0 percent, up 5.5 points from a year earlier and topping the 70 percent threshold for the 21st straight monthly gain.