TOKYO, Apr 19 (News On Japan) –
The value of newly constructed condominiums in Tokyo’s metropolis heart reveals no indicators of stopping its rise, surpassing 100 million yen ($650,000) on common throughout all 23 wards.
According to the Real Estate Economic Institute, a non-public analysis agency, the typical value for a brand new condominium in Tokyo’s 23 wards reached 100,464 million yen in fiscal 2023, marking the primary time it has crossed the 100 million yen threshold.
This value surge has been influenced by a collection of luxurious property launches in central Tokyo, will increase in land costs, and rising prices for supplies and labor.
Meanwhile, within the metropolitan space encompassing Tokyo, Kanagawa, Chiba, and Saitama, the typical value of latest condominiums rose by 9.5% in comparison with the earlier fiscal 12 months, reaching 75.66 million yen, setting a brand new report excessive for the third consecutive 12 months.
Source: TBS