Tokyo-Area Condo Price Hits Record in Fiscal 1st Half

Economy

Tokyo, Oct. 18 (Jiji Press)--The average unit price of newly supplied condominiums in the Tokyo area reached a record high in the fiscal first half ended last month, Real Estate Economic Institute Co. said Monday.

The surge was driven mainly by increased transactions in highly popular and expensive properties in the Japanese capital's 23 wards, the institute said.

The average price of condominiums in Tokyo and neighboring Kanagawa, Saitama and Chiba prefectures rose 10.1 pct from a year before to 67.02 million yen, the highest since comparable records began in 1991.

The previous record for the April-September period was set in 1991, at 61.37 million yen.

The institute said that it expects the annual average price to be lower, as "supplies of relatively cheap, family-oriented prosperities outside the city center will increase in the second half."

[Copyright The Jiji Press, Ltd.]

Jiji Press