TOKYO, April 18 (Xinhua) — The common unit value of newly-built condominiums on the market in Japan’s larger Tokyo space reached a file excessive for the second consecutive yr, a analysis institute mentioned Tuesday.
For the fiscal yr 2022 from April 2022 to March 2023, the common value of a condominium in Tokyo and its three neighboring prefectures, Kanagawa, Saitama and Chiba, rose 8.6 % year-on-year to 69.07 million yen (515,000 U.S. {dollars}), the Real Estate Economic Institute Co. mentioned in a report.
The common value per sq. meter got here in at 1.04 million yen throughout the fiscal yr, mentioned the report.
In March alone, the common unit value was 143.6 million yen, which is 2.2 occasions greater than a yr earlier and the primary time the month-to-month common has surpassed the 100-million-yen mark, in line with the report.
The institute attributed the surge in condominium costs to hovering supplies and development prices, in addition to ultra-expensive actual property gross sales on the finish of the fiscal yr of 2022. (1 U.S. dollar equals 134.12 Japanese yen)