The average price of new condominiums released in the Tokyo metropolitan area in August was over 61 million yen, down 18% from the same month last year and falling for the second consecutive month.

However, prices remain at a high level, and research companies expect that the high price trend will continue against the backdrop of soaring material costs.

According to the research company "Real Estate Economic Research Institute", the average price per unit of new condominiums released in August in Tokyo, Kanagawa, Saitama, and Chiba is 61.02 million yen, compared to the same month last year. It fell 13.5 million yen, or 18.1% at a rate, for the second consecutive month.

Compared to last year, when there was a large supply of condominiums mainly in Tokyo



, the main reason was that there were few newly released high-priced tower condominiums. ▽ Saitama prefecture also fell 6.2% to


45.87


million yen.



On the other hand,


▽ Kanagawa Prefecture was 55.61 million yen, 14.4%, and


▽ Chiba Prefecture was 43.3 million yen, 12.3%,


both exceeding the same month last year.



Due to soaring material prices and strong demand for housing, prices continue to be at a high level. The trend of high prices will continue in the future, partly because land prices are high.”