TOKYO, Apr 22 (NHK) –
The common worth of recent condominiums in Greater Tokyo has marked a report excessive for a fourth straight yr amid rising prices.
The Real Estate Economic Institute says the common worth for a rental offered within the area within the fiscal yr via March stood at over 81 million yen, or about 570,000 {dollars}. The yen determine is up 7.5 p.c from the earlier yr.
The common worth in Tokyo’s 23 wards rose 11.2 p.c year-on-year in yen phrases, to roughly 820,000 {dollars}. The worth within the different areas in Tokyo was up 13.2 p.c, to round 430,000 {dollars}. The determine for Kanagawa Prefecture rose 7.2 p.c. The common for Saitama Prefecture jumped 20.5 p.c. Chiba Prefecture noticed a rise of 10.6 p.c.
The greater costs are primarily because of will increase in labor and materials prices, in addition to rising land costs. In addition, many models with excessive worth tags had been placed on sale in central Tokyo final month.
Meanwhile, the general variety of new models dropped. In fiscal 2024, 22,239 new rental models had been launched in Greater Tokyo. That represents a year-on-year drop of 17 p.c, and a report low since fiscal 1973, when knowledge holding started.
The analysis agency says instances have elevated of builders setting up rental buildings on land leased for a sure interval, as procuring land is changing into tough.
The agency says many individuals wish to purchase condos particularly in Tokyo’s 23 wards regardless of the rising costs. But it says US President Donald Trump’s new tariffs are making the financial outlook unclear, citing the necessity to watch their impression.