New condo supply in Tokyo metro area drops to record low

TOKYO -- The number of newly built condominiums in the Tokyo metropolitan area sank 17% in fiscal 2024 compared to the previous year, with smaller property developers struggling to secure profits amid rising construction costs and difficulty acquiring land.

A total of 22,239 new condos went on the market in the region, which consists of Tokyo, Kanagawa, Saitama and Chiba prefectures, the Tokyo-based Real Estate Economic Institute said Monday. The number was the lowest since the institute began collecting data in fiscal 1973, it said.