The number of new housing starts has decreased for nine consecutive months.

On the 29th, the Ministry of Land, Infrastructure, Transport, and Tourism released the construction start statistics for February 2024.
The number of new housing starts for the month was 59,162 units, an 8.2% decrease compared to the same month last year, marking the ninth consecutive month of year-on-year decline. The total floor area of new housing starts was 4,522,200 square meters, a 13.1% decrease, continuing a 13-month streak of decline. The seasonally adjusted annual rate was 795,000 units, a 0.9% decrease from the previous month.
By utilization category, owner-occupied housing decreased by 11.2% year-on-year to 16,307 units, marking 27 consecutive months of decline. Rental housing saw an increase of 1.0% year-on-year to 24,934 units, the second consecutive month of increase. Condominiums decreased by 17.7% year-on-year to 17,327 units, marking the second consecutive month of decline. Among these, condominiums were down 23.3% to 7,483 units, and detached houses fell by 13.3% to 9,710 units, marking the 16th consecutive month of decline.
Looking at the three major metropolitan areas, the total number of units in the Tokyo metropolitan area was 21,982, a decrease of 8.1% year-on-year. This included 3,734 owner-occupied units (down 8.5%), 9,585 rental units (down 1.3%), and 8,593 condominium units (down 16.7%). In the Chubu region, the total number of units was 7,178, an increase of 1.7% year-on-year. This included 2,558 owner-occupied units (down 10.5%), 2,709 rental units (up 18.6%), and 1,901 condominium units (up 7.6%). In the Kinki region, the total number of units was 9,556, a decrease of 10.5% year-on-year. This included 2,181 owner-occupied units (down 15.4%), 4,616 rental units (up 0.9%), and 2,490 condominium units (down 28.8%).

Reprinted from: Real Estate Distribution Research Institute Co., Ltd. “R.E.port”

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