Jiji Press TOKYO (Jiji Press) — The number of new condominiums put up for sale in the greater Tokyo area in fiscal 2016 ended in March fell 4.4 percent from the previous year to 36,450 units, the lowest level since fiscal 1992, the Real Estate Economic Institute said Monday.
The third straight year of decline came as developers limited new condo supplies due to sluggish sales reflecting high prices in the area, the private think tank said.
On average, contracts were concluded within the first month of sales for 68.5 percent of the total supply, down 4.2 percentage points.
The contract rate slipped through the boom-or-bust dividing line of 70 percent for the first time since fiscal 2008, when U.S. investment bank Lehman Brothers collapsed and triggered a global financial crisis.
The average unit price dropped 1.4 percent to ¥55.41 million, declining for the first time in five years.