Central Tokyo average condo price rises 38.9% in Apr

THE average price of a new condominium in central Tokyo in April rose 38.9 per cent from a year earlier to 124.98 million yen ($786,000), reflecting a rebound from the previous year’s drop and rising construction costs, a research institute said Thursday. 

The price in the greater metropolitan area covering the capital and its three surrounding prefectures in the reporting month slipped below 100 million yen for the first time in three months, according to the Real Estate Economic Institute. Still, the price in the capital and Chiba, Kanagawa and Saitama prefectures, at 87.36 million yen, was up 24.8 per cent from a year earlier, the institute said. The number of new condos listed for sale in Tokyo and the neighbouring prefectures climbed 15.6 per cent to 1,163 units, with neighbouring Kanagawa Prefecture seeing a 60.4 per cent surge to 441 units. — Kyodo

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