TOKYOOctober 22 (News On Japan) – The average price of new apartments sold in Tokyo’s 23 wards exceeded 100 million yen for the second consecutive year in the first half of this fiscal year, reaching a record high.
According to the Real Estate Economic Institute, the average price of the 3,242 newly built apartments sold in Tokyo’s 23 wards from April to September this year was 110.51 million yen.
This is the second time the average price in the first half of a budget year has exceeded 100 million yen since the survey began 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 and stated that “rising construction costs and a concentration of supply in prime locations have driven up prices.”
Source: ANN
