Tokyo-Area New Condo Supply Down 14.6 pct in April

May 21, 2018

Tokyo- The number of new condominium units put up for sale in the greater Tokyo area in April dropped 14.6 pct from a year earlier to 2,342, the first fall in four months, the Real Estate Economic Institute said Monday.

The average unit price declined 6.3 pct to 55.48 million yen, down for the first time in three months.

Sales contracts were concluded for 63.0 pct of the new condos, standing below the boom-or-bust level of 70 pct for the first time in two months.

"The decline shows a reversal from last year, when large condos were released," an official of the institute said.

The data covered Tokyo and the three neighboring prefectures of Kanagawa, Saitama and Chiba. Jiji Press