Tokyo-Area Average Condo Price Hits Record High in 2022

Tokyo, Jan. 26 (Jiji Press)--The average unit price of new condominiums put up for sale in the greater Tokyo area hit a record high for the second straight year in 2022, a think tank report showed Thursday.

The figure grew 0.4 pct from the previous year to 62.88 million yen amid soaring materials prices chiefly reflecting the yen's weakening.

The number of condo units newly supplied in Tokyo and neighboring Kanagawa, Saitama and Chiba prefectures fell 12.1 pct to 29,569 units after rebounding in the previous year, Real Estate Economic Institute Co. said.

The average prices rose across the greater Tokyo area except the densely populated 23 special wards of the Japanese capital.

In Saitama, the average price jumped 9.7 pct to 52.67 million yen chiefly because high-rise condos went on sale.

[Copyright The Jiji Press, Ltd.]