New condo prices in greater Tokyo surge over 50% in July

TOKYO, Aug 22 (NHK) - Prices for new condominiums in the greater Tokyo area jumped more than 50 percent in July from a year earlier.

The increase was mainly due to high-end condos going on the market, including those in the former athletes' village for the Tokyo Olympics.

The Real Estate Economic Institute says the average price of new units on sale last month in Tokyo and the three neighboring prefectures was almost 100 million yen or about 680,000 dollars. That is up 56 percent year-on-year and marks the fifth straight month of increases.

The average price in Tokyo's 23 wards was about 920,000 dollars. It jumped 85 percent in yen terms.

The institute says more new condos are expected to go on sale in Tokyo and prices will likely remain high due to strong demand.