Japan Average Condo Price Hits Record High for 3rd Year

Economy

Tokyo, Feb. 20 (Jiji Press)--The average unit price of new condominiums in Japan in 2019 rose 0.6 pct from the previous year to 47.87 million yen, hitting a record high for the third straight year, the Real Estate Economic Institute said Thursday.

Meanwhile, the number of new condominium units put up for sale in the country last year fell 12.0 pct to 70,660, the lowest in 43 years, the institute said.

Real estate firms curbed new supplies as people have been cautious about buying condominiums amid high prices reflecting rises in materials and land prices, and higher construction costs traced to labor shortages.

The trend is expected to continue this year, industry sources said.

The average price in the Tokyo metropolitan area grew 1.9 pct to 59.8 million yen, and that in the Kinki western Japan region, including Osaka Prefecture, rose 0.6 pct to 38.66 million yen, the institute said.

[Copyright The Jiji Press, Ltd.]

Jiji Press