Tokyo-Area Condo Price Rises to Record 83.6 M. Yen

Economy

Tokyo, Feb. 17 (Jiji Press)--The average unit price of new condominiums put up for sale in the greater Tokyo area in January jumped 47.9 pct from a year before to a record 83.6 million yen, the Real Estate Economic Institute said Monday.

The previous record high was 74.97 million yen marked in November 1990 amid Japan's asset inflation-driven bubble economy.

The latest result in Tokyo and three neighboring prefectures--Kanagawa, Saitama and Chiba--came as luxury condominiums went on sale in the heart of Tokyo.

The average price in Tokyo's densely populated 23 special wards stood at 105.11 million yen, topping 100 million yen for the first time in about 27 years, due in part to the launch of expensive condominiums in Minato Ward.

Meanwhile, the number of new condominiums launched in the Tokyo metropolitan area in January tumbled 34.5 pct to 1,245 units, with realtors putting priority on selling inventories.

[Copyright The Jiji Press, Ltd.]

Jiji Press