April-Sept. Condo Price Down for 1st Time in 6 Yrs in Tokyo Area

Economy

Tokyo, Oct. 16 (Jiji Press)--The average unit price of new condominiums put up for sale in the greater Tokyo area in April-September fell for the first time in six years, an industry survey showed Tuesday.

The average price decreased 3.8 pct from a year earlier to 57.62 million yen, according to the Real Estate Economic Institute.

The decline reflected a drop in the supply of higher-priced condominiums due to difficulties in acquiring sites in the popular areas at the heart of Tokyo.

The number of new condominiums released in the greater Tokyo area, covering the capital and the neighboring prefectures of Kanagawa, Saitama and Chiba, in the first half of fiscal 2018 dropped 5.0 pct to 15,323 units.

While several high-rise apartments located near train stations were newly launched in Chiba and Saitama, the release of a number of condominiums were pushed back to the second half in Kanagawa.

[Copyright The Jiji Press, Ltd.]

Jiji Press