• Kyodo


The number of condominiums newly listed for sale in the Tokyo region in October dropped 0.6 percent from a year earlier to 2,903 units, a research institute said Tuesday.

Launches of large-scale condominium buildings in Tokyo and neighboring Chiba, Kanagawa and Saitama prefectures have ended, resulting in the drop in overall supply in the Japanese capital and surrounding areas, according to the Real Estate Economic Institute Co.

Of the newly listed units, 61.6 percent found buyers, down 7.2 points from a year earlier, sinking below the boom-or-bust line of 70 percent.

The average unit price in the month rose 0.8 percent to ¥54.06 million.

By area, new supply increased by 10.5 percent in the 23 wards of Tokyo and by 20.4 percent in Kanagawa and 18.3 percent in Chiba prefectures but fell 66.2 percent in Saitama.

In Osaka and five nearby prefectures in western Japan, new condo supply grew 3.3 percent to 1,263 units from a year earlier, rising for the fourth consecutive month, with 71.8 percent finding buyers, up 3.2 points from a year earlier.

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.