Metropolitan area condominiums exceed 83 million yen on average February 17:11 on February 17
Last month, the average price of a new condominium released in the Tokyo metropolitan area rose 47% over the same month last year, to around 83 million yen. Due to the launch of high-priced properties in Minato-ku, Tokyo, the average price exceeded the 1990 average, which was the highest ever.
According to the private research firm Real Estate Economic Research Institute, the average price per newly-built apartment released in Tokyo, Kanagawa, Saitama and Chiba last month increased by 47.9% from the same month last year. 83.6 million yen.
This is higher than the average price in November 1990 during the bubble period, and is the highest level since 1973 when the survey began.
In the 23 wards of Tokyo, the average price last month was 105.11 million yen, exceeding 100 million yen for the first time in 27 years and two months since November 1992.
Regarding this, the research company stated that the average price was boosted by the release of high-priced properties in Toranomon and Shirokane areas in Minato Ward while apartment sales were low.
In addition, the price outside Tokyo's 23 wards increased by 37.9% to 66.49 million yen. Chiba also rose 11.9% to 40.65 million yen.
On the other hand, Kanagawa prefecture fell 2.4% to 49.61 million yen. Saitama Prefecture fell 13.7% to 43.26 million yen.
According to the Real Estate Economic Institute, "Prices rose due to special factors, such as the release of high-priced properties last month, but it is expected to remain high in the future."