The average price of new condominiums in the greater Tokyo area surged in October, boosted by rising construction costs and an increase in the number of pricey high-rise condos.
The Real Estate Economic Institute, a private think tank, says the average price in Tokyo, Kanagawa, Saitama and Chiba prefectures stood at over 92 million yen, or nearly 600,000 dollars.
That marks an increase of 40.7 percent from a year before.
The figure for Tokyo's central 23 wards was 129.4 million yen.
The number of units put on the market rose 23.4 percent to 1,833.
The institute says real estate developers are supplying high-rise condominiums in city centers, and these are popular with both working generations and senior citizens. It expects prices to remain high.
The Real Estate Economic Institute, a private think tank, says the average price in Tokyo, Kanagawa, Saitama and Chiba prefectures stood at over 92 million yen, or nearly 600,000 dollars.
That marks an increase of 40.7 percent from a year before.
The figure for Tokyo's central 23 wards was 129.4 million yen.
The number of units put on the market rose 23.4 percent to 1,833.
The institute says real estate developers are supplying high-rise condominiums in city centers, and these are popular with both working generations and senior citizens. It expects prices to remain high.
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Summary
New condominium prices in the Tokyo area significantly increased in October, driven by construction cost hikes and a rise in high-end high-rise properties. The average price across Tokyo, Kanagawa, Saitama, and Chiba prefectures exceeded 92 million yen (600K USD), marking a 40.7% year-on-year
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ID: 366c69aa-b3a6-4e12-8b11-8b645a0bf6ba
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20241121_B02/
Created: 2024/11/21 19:00
Updated: 2025/12/08 08:37
Last Read: 2024/11/21 19:10