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2004 condo sales in Japan rebound, rising 3.0%.

TOKYO, Feb. 15 Kyodo

Condominium sales in major Japanese cities rebounded in 2004, rising 3.0 percent from the previous year to 159,639 units following an 8.7 percent fall in 2003, a research institute said Tuesday.

The Real Estate Economic Institute said the rebound stemmed mainly from sales growth in the nation's three major urban areas centering on Tokyo, Osaka and Nagoya against a backdrop of low interest rates.

The institute also cited sales expansion in major cities on the island of Kyushu as a factor behind the rebound for the year.

However, condo sales in major cities on Hokkaido and in the districts of Tohoku, Hokuriku and Sanin skidded in 2004 from year-before levels, it said.

Differences in sales performance among various districts stemmed from differences in the performances of the regional and metropolitan-area economies, an institute analyst said.

By district, sales in the Tokyo metropolitan area rose 2.7 percent in 2004. Those in the Kinki area centered on Osaka saw a 1.9 percent gain, while those in the Tokai-Chukyo area that covers cities including Nagoya and Shizuoka rose 6.4 percent.

Condo sales in major cities on Kyushu jumped 12.2 percent with combined sales in major cities in the western Chugoku area and on the island of Shikoku rising 3.3 percent.

In contrast, sales in major Hokkaido cities dropped 4.7 percent, and those in the Tohoku district plunged 14.1 percent. Combined sales in the districts of Hokuriku and Sanin plummeted 31.1 percent.

The nationwide average condo price rose 0.3 percent to 35.48 million yen in the reporting year.

The institute projects condo sales in 2005 to rise 0.9 percent to 161,000 units.

In January, condo sales in the Tokyo metropolitan area fell 5.9 percent to 3,487 units.
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Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Feb 22, 2005
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