TOKYO, Feb. 22 (Xinhua) — The common unit worth of recent condominiums throughout Japan hit a file excessive of 51.21 million yen (382,000 U.S. {dollars}) in 2022, topping the earlier file for the sixth 12 months in a row, a suppose tank report confirmed Tuesday.
The determine grew 0.1 % from the earlier 12 months attributable to surging prices of development supplies mainly reflecting the yen’s weakening in addition to an upward pattern spurred by the recognition of properties positioned close to prepare stations, the Real Estate Economic Institute mentioned.
For 2023, the institute projected that the pattern may speed up amid high-end apartment initiatives in Tokyo and surrounding areas.
In Tokyo and the three neighboring prefectures of Kanagawa, Chiba and Saitama, the typical unit worth of recent condominiums was up 0.4 % final 12 months to 62.88 million yen (470,000 {dollars}), whereas new apartment provide slipped 12.1 %.
However, analysts mentioned that present low rates of interest on housing loans, which have supported demand, are prone to be affected by a possible coverage shift on the Bank of Japan after a brand new governor takes over in April.
If floating mortgage charges rise, it may make individuals reluctant to buy, mentioned an official at a significant actual property developer.