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Central Tokyo condominium value soars to file excessive in first half of 2023

TOKYO, Jul 21 (Kyodo) –
The common unit value of a brand new condominium in Tokyo’s 23 central wards within the first six months of 2023 soared to a file excessive 129.6 million yen ($930,000) due largely to excessive materials costs and development prices, a analysis institute stated Thursday.

The value rose 60.2 p.c in comparison with the January-June interval a 12 months earlier, exceeding the earlier file set in 1991 of 97.38 million yen and surpassing 100 million yen for the primary time on the first-half foundation, in line with the Real Estate Economic Institute.

The consequence was additionally affected by some high-value property gross sales, together with models immediately linked to a prepare station in Minato Ward, it stated.
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