The number of new condominiums put on sale in metropolitan Tokyo rose 17.9 percent in July from a year earlier to 9,081, a private research institute said Friday.
However, the Real Estate Economic Institute said that the portion of those signed up for sale fell by 3.6 points to 79.6 percent from the previous month.
The institute attributed the increased supply of new condominiums to low interest rates and tax breaks for housing loan borrowers who settle into their condos by next June.
Of the condos newly put on sale, 7,230 were sold in July, with about 30 percent sold on their first day on the market.
The average price per unit was 39.73 million yen, down 6.5 percent from a year earlier.
An official with the institute said low interest rates, tax breaks for housing loan borrowers and lower condo prices are likely to continue to spur demand for new condos.
"We think the condominium market will remain favorable after August and that total condominium supply this year will surpass last year's record," the official said.
In 1999, about 86,000 condos were put up for sale in metropolitan Tokyo.
Meanwhile, in the Kinki region -- which centers on Osaka -- condominium offerings increased 11.1 percent in July from a year earlier to 3,832, posting the fourth consecutive month of increase.
But the ratio of condos signed up for sale dropped 7.3 percentage points from a year earlier to 72.7 percent.
The average price per unit was 32.7 million yen, down 8.4 percent.