Japan Average Condo Unit Price Hits Record High for 2nd Year

Economy

Tokyo, Feb. 20 (Jiji Press)--The average price of new condominium units put up for sale in Japan hit a record high for the second straight year in 2018, the Real Estate Economic Institute said Wednesday.

The price rose 0.4 pct from the previous year to 47.59 million yen as labor costs remained elevated due to construction worker shortages, according to the institute.

The rise also reflected increases in costs to acquire land for condominium construction in major cities outside the Tokyo metropolitan area in eastern Japan.

The average price grew 9.3 pct in Fukuoka, southwestern Japan, 7.3 pct in Nagoya, central Japan, and 5.1 pct in Hiroshima, western Japan. The average dropped 0.6 pct in the greater Tokyo area, though it remained high.

The number of condominiums put up for sale nationwide in 2018 rose 3.7 pct to 80,256 units, up for the second consecutive year, led by a 48.5 pct jump in Chiba Prefecture, part of the greater Tokyo area, the private research institute said.

[Copyright The Jiji Press, Ltd.]

Jiji Press