Tokyo-area new condo supply down 44.5% in July

Thursday 14th August, 05:44 PM JST

TOKYO —

The number of new condominiums put up for sale in the greater Tokyo area in July plunged 44.5 pct from a year before to 3,554 units, a private think tank said Thursday.

Sales contracts were concluded for 1,902 units, or 53.5 pct of the total supply, down 20.6 percentage points from a year earlier, the Real Estate Economic Institute said.

The average unit price stood at 53.09 million yen, up 0.08 pct.

The number of condominiums that remained unsold at the end of July came to 10,885 units, an increase of 125 units from a month before.

The condominium supply data covers Tokyo and the three neighboring prefectures of Saitama, Kanagawa and Chiba.

JCN

3 Comments

whatanidiot at 05:48 PM JST - 14th August

then put the prices down !!! that is just crazy expensive now !
electric2004 at 12:19 PM JST - 15th August

No, this would be against the "wa" principle - of the people who supply the buildings.
TJrandom at 12:30 PM JST - 15th August

number of new condominiums put up for sale

Don’t confuse this with the number of units that could be put up for sale – that is the number of units completed and unsold. The builders allocate among themselves the number of units they will release for sale so that the price does not drop. The rest are simply held back. Many many more could be sold at the right price.