Newly built condominiums in the Tokyo metropolitan area have dropped significantly. Price has risen.
Last month, the number of newly built condominiums released in the Tokyo metropolitan area was 30% lower than the same month last year due to price increases, and in September, it was the lowest level in 27 years.
According to a private research company, Real Estate Economics Research Institute, the number of newly built condominiums released last month in Tokyo, Kanagawa, Saitama, and Chiba was 2,359 units, a significant 30% increase compared to the same month last year. It decreased. September is the lowest level in 27 years since 1992.
In this regard, the research company analyzes that the rise in condominium prices has slowed consumers' willingness to purchase and the real estate company has restrained the supply of properties.
On the other hand, the average price per household last month was 599.1 million yen, up 16.6% from the same month last year.
Of this, Tokyo rose 10.7% to 23,633 million yen in the 23 wards. Outside the 23 wards, it rose 28% to 65.15 million yen. Kanagawa Prefecture increased 9.2% to 54.69 million yen. Saitama Prefecture increased 9.4% to 46.94 million yen. Chiba Prefecture increased by 35.3% to 50.63 million yen.
The research company explained that in addition to the increase in construction costs, the increase in the supply of high-priced items, such as properties near the stations in the city center, where convenience is high, pushed up the price.
According to the research company, “Prices are showing a cautious attitude toward consumers, and there are some moves to lower prices, but properties with good location conditions are popular, and the overall trend is likely to remain high.” It is said.