May 17 (Bloomberg) -- The number of condominiums offered for sale in Tokyo and surrounding areas in April had the biggest gain in 18 years as Japan’s property industry recovered from a record earthquake and tsunami in March 2011.
The number of new condominiums put on the market last month surged 82 percent from a year earlier, the Real Estate Economic Research Institute said in a report released in Tokyo today. Japanese developers introduced 4,211 apartments into the market last month, compared with 2,336 a year earlier. The last time the monthly data had a bigger gain was October 1994, when it rose 86 percent.
An improvement in Tokyo’s housing market has helped developers post higher earnings. Mitsui Fudosan Co., Japan’s biggest developer, last week said it expects full-year profit to rise 9.7 percent in the current business year, while Sumitomo Realty & Development Co. said on May 14 full-year net income rose 4.6 percent, helped by a recovery in its housing business.
The Topix Real Estate Index, a measure of 46 property-related stocks, had the biggest gain in one month and closed 2 percent higher, bringing its year-to-date advance to 13 percent.
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