The number of condominiums put up for sale in Japan's major cities in 2000 came to 182,067, the second-largest number on record, thanks to tax cuts for housing loan borrowers and low mortgage rates, the Real Estate Economic Institute said Monday.
The number was 11.9 percent higher than the previous year and second only to the 188,343 units put up for sale in 1994, the private institute said.
The strong increase reflects the bullishness of real estate developers who can easily acquire housing sites in central Tokyo as corporations sold off idle land while restructuring during the year, it said.
The institute said, however, that the number of condominiums put up for sale this year is likely to decline 3.9 percent to around 175,000 as consumers resist the rush to buy following the extension of the tax-cut program for housing loans.
The program, which was to expire June 30, has been extended for 21/2 years.
The predicted 2001 decline will be the first in three years, although levels are still relatively high, the institute said.
In 2000, the number of condominiums on sale in the Tokyo metropolitan area rose 10.8 percent to 95,635, accounting for 52.5 percent of the nationwide total.
In western Japan, especially areas around Osaka and Kyoto, 39,737 condominiums were put up for sale, up 11.2 percent. In the areas around Nagoya and Shizuoka, the number was 12,524, up just 0.1 percent.
The average per-unit price declined 3 percent to 35.4 million yen, helping bring the ratio of sales contracts concluded to the number put on sale to 85 percent on average nationwide, the institute said.
Conveniently located condominiums outside of the Tokyo metropolitan area are selling well, it said.
Daikyo Inc. maintained its position as the top seller of condominiums for the 23rd straight year, putting 9,700 units on the market.