Japan’s housing starts reflects an expansion of 13.7% in October

In October, Japan’s housing starts increased by 13.7 percent to 87,707 units for the fourth consecutive month, as compared to the year before.

According to statistics released by Japan’s Ministry of Land, Infrastructure, Transport and Tourism, the area for housing starts in October added 9.7 percent on a year-on-year basis to 6.964 million square meters, increasing for the fourth month in a row.

Owner-occupied housing starts rose 4.9 percent from a year earlier to 26,046 units, which is up for the ninth month.

Rental housing starts jumped 22 percent to 39,950 units for the twelfth straight month due to an in increase in demand for reducing inheritance tax.

Housing starts on condominiums and other homes built for sale expanded 11.7 percent to 21,050 units, hence, registering the second consecutive monthly increase.

By region, housing starts rose 15.6 percent and 11.1 percent in the Tokyo metropolitan region and central Japan’s Chubu region including Nagoya, respectively in the month, while declining 4.1 percent in western Japan’s Kinki region centering on Osaka, said the ministry.

Source: China Development Gateway