TOKYOSeptember 20 (News On Japan) – The average price of a newly built condominium in Tokyo’s 23 wards has exceeded 100 million yen for the fourth month in a row.
According to the Real Estate Economic Institute, the average price of new apartments sold in Tokyo’s 23 wards in August was 139.48 million yen per unit.
This is the fourth month in a row in which prices exceed 100 million yen, and it is also the highest level ever for August.
Due to labor shortages, the timing of the start and completion of construction has been delayed, resulting in a decrease in the number of units delivered by approximately 60% (59.8%) compared to last year. Meanwhile, luxury properties in areas such as Chuo and Minato neighborhoods have pushed up prices by more than 60% (62.2%).
In addition, the average price in the greater Tokyo metropolitan area also increased by more than 30% compared to last year, reaching 95.32 million yen.
The Real Estate Economic Institute analyzed, โAlthough supply remains low, expensive units are selling consistently, driving prices up.โ
Source: ANN
