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Tokyo Condos Put on Market Rise for Eighth Month, Signaling Rising Demand

By Kathleen Chu - 2010-10-14T06:35:53Z

The number of condominiums put up for sale in Tokyo and surrounding areas rose for an eighth month, suggesting Japanese property developers expect demand to improve.

The number of new condominiums put on the market rose 3.9 percent in September from a year earlier, the Real Estate Economic Research Institute said in a report released in Tokyo today. The average price per unit rose 11 percent to 50.2 million yen ($618,000) from a year earlier.

The Topix Real Estate Index, measuring 44 property-related stocks, extended its gain after the data was released, closing 4 percent higher.

Goldcrest Co., a Tokyo-based condominium builder, rose 7.4 percent, NTT Urban Development Corp. gained 5 percent and Meiwa Estate Co. increased 6.8 percent.

To contact the reporter on this story: Kathleen Chu in Tokyo at kchu2@bloomberg.net

To contact the editor responsible for this story: Fergus Maguire at fmaguire@bloomberg.net