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  • Writer's pictureAdam German

February 2024 nationwide new housing starts decline for ninth straight month

On March 29th, the Ministry of Land, Infrastructure, Transport and Tourism announced the latest nationwide housing starts data for February 2024. 

  

The number of new housing starts was 59,162 units, a year-on-year (YoY) decrease of 8.2% compared to the same month last year, marking the ninth consecutive month of decline compared to the previous year.  

 

The floor area of newly started housing constructions amounted to 4,522,200 square meters (a decrease of 13.1% YoY), marking the 13th consecutive month of YoY decline.  

  

In terms of usage, custom built homes numbered 16,307 units (a YoY decrease of 11.2% compared to the same month last year), reaching a continuous decrease for 27 months.  

Rental housing starts amounted to 24,934 units (a YoY increase of 1.0%), marking the second consecutive month of increase following the previous month.  

 

Strata title housing starts numbered 17,327 units (a YoY decrease of 17.7%), marking the second consecutive month of decline.  

 

Among strata title starts, condo starts numbered 7,483 units (a YoY decrease of 23.3%), while strata title single-family housing starts numbered 9,710 units (a YoY decrease of 13.3%) marking 16 consecutive months of decline. 

  

Source: 

R.E. Port News (Japanese only)  

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