Residential construction projects up 37% in May

Tokyo City announced that the total number of housing starts in May, 2011, was 11,160 units, up 37.7% from a year prior. This is the second continuous month of increases. The increase was seen in new detached houses, condominiums and retail properties. Of particular note is construction of new condominiums which has picked up pace after the delays following the March 11 disaster.

A groundbreaking ceremony, called jichinsai, at a construction site in Japan.

The number of detached homes increased by 9.9% to 1581 units. New rental apartments and houses increased by 25.1% to 4436 units.

New homes and condominium apartments increased by 70.3%. This includes construction of new condominiums which increased 2.1 fold, and new houses which increased by 19.9%.

Large scale projects, however, were down by 26.8% in Tokyo’s central 3 wards (Chiyoda, Chuo and Minato), but increased by 74% across Tokyo’s 23 wards. The Real Estate Economic Institute said that signs of recovery are set to continue, but any recovery will be slow in the bayside areas where there is concern over the risks of liquefaction.

Source:
The Nikkei Shimbun, July 8, 2011.

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