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New condo supply in Tokyo area drops 13.3% in 1st half of 2019

This June 28, 2018 file photo shows a high-rise condominium building under construction in Tokyo's Ariake waterfront area. (Kyodo)

TOKYO (Kyodo) -- The number of new condominium units listed for sale in the Tokyo region in the first half of 2019 dropped 13.3 percent from a year earlier, as companies focused on reducing inventories, a research institute said Thursday.

    Between January and June, 13,436 new condos were put on sale in Tokyo, Chiba, Kanagawa and Saitama prefectures -- the lowest level since 10,959 units were offered in the first half of 1992, according to the Real Estate Economic Institute.

    The average unit price was 61.37 million yen ($570,000), a 2.9 percent rise from the previous year. It marked the seventh consecutive yearly growth and the highest since 1991.

    An official of the institute said the unit price climbed amid a trend among potential buyers of putting emphasis on finding condos in convenient locations, as well as increasing land prices.

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