TOKYO, Nov 20 (News On Japan) –
The common value for a newly constructed condominium in Tokyo’s 23 wards has remained above 100 million yen for six consecutive months.
According to the Real Estate Economic Research Institute, 816 new condominiums had been offered in Tokyo’s 23 wards in October, with greater than half—474 models—priced over 100 million yen.
The common value per unit reached 129.4 million yen, marking the sixth consecutive month of exceeding 100 million yen.
High-end tower condominiums in areas such because the bayside district of Chuo Ward and the Nakano space have pushed costs larger, with a rise of almost 50% in comparison with final 12 months.
Across the larger Tokyo metropolitan space, costs rose by over 40% year-on-year, with the common reaching 92.39 million yen.
The Real Estate Economic Research Institute analyzed the scenario, stating, “While supply may recover next year, the ongoing increase in construction costs and the trend of selective location choices are likely to sustain high prices moving forward.”
Source: ANN