Tokyo-Area Condo Prices Hit Record High in 1st Half

Tokyo, July 21 (Jiji Press)--The average price of new condominiums put up for sale in the Tokyo metropolitan area surpassed 100 million yen in January-June, topping the threshold for the first time in any first-half period, Real Estate Economic Institute Co. said Tuesday.

The figure rose 13.1 pct from a year before to 101.35 million yen, according to the company's data that covered Tokyo and the three neighboring prefectures of Saitama, Kanagawa and Chiba.

In the capital's 23 wards, the average price rose 9.1 pct to a record high of 142.49 million yen, marking the fourth consecutive year that first-half prices exceeded 100 million yen.

In Chiba, the average jumped 56.8 pct to 89.97 million yen, also a record high, boosted by sales of high-priced condominiums in the city of Funabashi. The rest of Tokyo and Kanagawa also posted record-high average prices, while Saitama saw its average edge down slightly.

Soaring construction costs and a shortage of land in Tokyo's 23 wards have led to an increase in new condominium supply in areas around central Tokyo, boosting the popularity of the locations.

[Copyright The Jiji Press, Ltd.]