Tokyo, 19 April, /AJMEDIA/
The average unit price of a new condominium in Tokyo and its surrounding areas rose 8.6 percent in fiscal 2022 from the previous year to 69.07 million yen, hitting a record for the second consecutive year, a research institute said Tuesday.
The average for the capital and the three prefectures of Chiba, Kanagawa and Saitama for the year ended last month remains higher than levels seen when Japan was at the height of its bubble economy more than three decades ago.
In March alone, the average price of a unit was 2.2 times higher than a year prior at 143.6 million yen, the first time the monthly figure has exceeded the 100 million yen line.
Condo prices have continued to rise amid soaring materials and construction costs, according to the Real Estate Economic Institute, and the average price was pushed up further by ultra-high value property sales at the end of the fiscal year.
An official at the institute said the average is “likely to rise even further” in the future, citing a continuing rise in costs as well as other luxury development projects in central Tokyo.
Tokyo’s 23 central wards posted a new record average unit price of 98.99 million yen for fiscal 2022, up 17.2 percent. Its municipalities outside the wards marked a 1.6 percent rise to 52.18 million yen.
In Kanagawa, unit prices were up 4.7 percent to 54.56 million yen. They rose 4.2 percent to 51.35 million yen in Saitama and increased 3.3 percent to 45.29 million yen in Chiba.
The number of new condominiums listed for sale in the Tokyo region was down 12.9 percent to 28,632 units.
