TOKYO, July 21 (Xinhua) — The common unit value of newly-built condominiums on the market in Japan’s central Tokyo reached a brand new report excessive for the primary half (H1) of 2023, a analysis institute report has proven.
During the January-June interval, the typical value of a condominium in Tokyo’s 23 central wards got here in at 129.6 million yen (930,000 U.S. {dollars}), the Real Estate Economic Institute Co. mentioned in its newest report.
The value exceeded the earlier report of 97.38 million yen in 1991 by rising 60.2 p.c 12 months on 12 months, whereas surpassing 100 million yen for the primary time on the H1 foundation, the report mentioned on Thursday.
For Tokyo and its three neighboring prefectures, Kanagawa, Saitama and Chiba, the typical additionally expanded 36.3 p.c from a 12 months in the past to hit a report excessive of 88.73 million yen, the report confirmed.
The analysis institute identified that the hovering costs had been largely pushed by luxurious properties in central Tokyo, which additionally contributed to the record-breaking highs.
It additionally added that condominium costs might proceed steadily rising because of greater building prices whereas demand, which rose in the course of the COVID-19 pandemic as individuals spent extra time at residence, has waned.
Meanwhile, the variety of new condominiums launched on the market in Tokyo and the neighboring prefectures throughout H1 fell 17.4 p.c to 10,502 items, which marked the second consecutive 12 months of decline, the report confirmed. (1 U.S. dollar equals 139.34 Japanese yen)