Wednesday, October 16, 2013
Sept Condo Offerings Up 77.3% On Year In Tokyo, 85.3% In West Japan
TOKYO (NQN)--The number of new condominiums placed on the market in the Tokyo metropolitan area in September rocketed 77.3% on the year to 5,968 units, the fifth straight month of increases and the highest number for the month since 2006, when 6,488 units went on sale, Real Estate Economic Institute Co. said Wednesday.
The increase was due in part to the large number of units coming onto the market from large complexes in the Shinjuku district offered by Nomura Real Estate Development Co. and other developers.
The monthly contract rate rose 14.2 percentage points to 83.5% on the back of last-minute demand ahead of consumption tax hike. September also marked the eighth month in which contracts were signed for 70% or more of the new condos available. A reading above 70% is considered a strong market. The September figure was the first time the contract rate has risen above 80% for four straight months since May-December 2005.
In the Kinki region of western Japan, the number of new condominiums placed on the market also jumped 85.3% on year to 3,671 units, the biggest number for the month in 11 years. The monthly contract rate rose 7.9 percentage points to 80.5%.
In the April-September period, the number of condominiums placed on the market in the Tokyo metropolitan area rose 35.6% on the year to 29,367 units, while the figure for the Kinki region rose 17.9% to 13,529 units.
(Nikkei Quick News, Oct. 16)