The number of new condominiums put up for sale in the Tokyo metropolitan area in April fell 27.9 percent from a year earlier to 5,763, down for the first time in two months, a private research institute said Tuesday.

“The drop was due to many real estate agencies putting off sales until the string of holidays in May when there are more prospective clients,” said an official at Real Estate Economic Institute Co.

The official said new condominiums on sale in May are likely to come to around 8,000, the second largest figure following a record 8,458 in May 1999.

Of the total on offer, 73.9 percent found buyers, down 3.2 percentage points from a year earlier.

Condominiums that were bought on the day of sale tended to be in ultra high-rise buildings or located in popular areas near the city center.

Many small and midsize condos with no special features were left unsold, showing that buyers are becoming increasingly selective.

Meanwhile, in Osaka and five other prefectures in the Kinki region, the number of condos offered in April fell 25.6 percent from a year earlier to 2,118 units.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.