Tokyo condo supply up for first time in 25 months

TOKYO: The number of new apartments put up for sale in the Tokyo area rose 26.2% in September from a year earlier for the first rise in 25 months, a property market research firm said on Oct 14.

According to the Reuters report, the data is a bright sign for Japan's property market, which had been hit hard as Japan was stuck in its worst recession since World War II.

New units put up for sale in the Tokyo area totalled 3,063 in September, the Real Estate Economic Institute said.

The contract ratio in the Tokyo metropolitan area rose to 73.9% from 69.3% in August, the institute said.

The ratio, the number of units sold as a percentage of units put on the market, is used to judge the market's health and a ratio below 70 suggests a weak market where consumers are reluctant to buy. -- Reuters