Prices for new condominiums in the greater Tokyo area continue to climb, rising in February from a year ago for the fourth straight month amid tight supply.
The Real Estate Economic Institute says average new condo prices in Tokyo, Kanagawa, Chiba and Saitama prefectures climbed over 5 percent last month.
The average going price hit over 71 million yen, or around 472,000 dollars. Prices for condos in Tokyo's 23 wards rose 1 percent.
The increase comes as the number of new units that went on sale fell over 27 percent from a year ago.
The research institute says prices remain high amid rising construction costs, which are forcing developers to curb supply, prompting home buyers to snap up limited properties.
The firm expects a muted impact from the Bank of Japan ending negative rates. It says the focus now is whether the BOJ will implement more rate hikes.
The Real Estate Economic Institute says average new condo prices in Tokyo, Kanagawa, Chiba and Saitama prefectures climbed over 5 percent last month.
The average going price hit over 71 million yen, or around 472,000 dollars. Prices for condos in Tokyo's 23 wards rose 1 percent.
The increase comes as the number of new units that went on sale fell over 27 percent from a year ago.
The research institute says prices remain high amid rising construction costs, which are forcing developers to curb supply, prompting home buyers to snap up limited properties.
The firm expects a muted impact from the Bank of Japan ending negative rates. It says the focus now is whether the BOJ will implement more rate hikes.
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Summary
New condominium prices in greater Tokyo area increased for the fourth consecutive month in February, with average prices surpassing 5% compared to the previous year. The rise occurred amid tight supply and high construction costs, causing developers to restrict new unit sales by over 27%. The
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ID: 0ad20daa-4d2e-41ab-8f39-68567a357475
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20240321_37/
Date: March 21, 2024
Created: 2024/03/22 06:30
Updated: 2025/12/08 16:09
Last Read: 2024/03/22 17:47