New Condo Prices in Tokyo Reach All-Time High

TOKYO, Oct 22 (News On Japan) - The average price of new condominiums sold in Tokyo's 23 wards surpassed 100 million yen for the second consecutive year in the first half of this fiscal year, reaching an all-time high.

According to the Real Estate Economic Institute, the average price of the 3,242 newly built condominiums sold in Tokyo's 23 wards from April to September this year was 110.51 million yen.

This marks the second time that the average price in the first half of a fiscal year has exceeded 100 million yen since the start of the survey in 1973, following last year's record of 105.72 million yen.

The average price in the four prefectures of Tokyo, Kanagawa, Saitama, and Chiba was also at a record high of 79.53 million yen, surpassing last year’s 78.36 million yen for the second consecutive year.

The Real Estate Economic Institute analyzed the situation, stating that "Rising construction costs and a concentration of supply in prime locations have driven up prices."

Source: ANN

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