Tokyo-Area Condo Price Hits 29-Year High in 2019

Economy

Tokyo, Jan. 22 (Jiji Press)--The average unit price of new condominiums put up for sale in the greater Tokyo area in 2019 hit a 29-year-high of 59.80 million yen, a private think tank said Wednesday.

The average rose 1.9 pct from the previous year to stand at just below the record high of 61.23 million yen logged in 1990 when Japan was in the last phase of the so-called bubble economy, according to the Real Estate Economic Institute.

The high average reflected rises in construction costs, including labor expenses, due to labor shortages.

Sales of new condominiums in the Tokyo area may experience a downturn if prices rise further.

The data covered condominiums newly launched in Tokyo and three neighboring prefectures--Kanagawa, Saitama and Chiba.

[Copyright The Jiji Press, Ltd.]

Jiji Press