Average Price of Used Condos in Central Tokyo Tops 120 M. Yen

Tokyo, Feb. 19 (Jiji Press)–The average price of used condominiums in Tokyo’s 23 special wards rose 34.4 pct from a year earlier to 121.23 million yen per 70 square meters in January, hitting the highest level since 2002, real estate research firm Tokyo Kantei Co. said Thursday. The average used condominium price marked the 21st consecutive month of increase, following soaring prices for new condominiums. In the Tokyo metropolitan area, comprising the whole of Tokyo and the neighboring prefectures of Kanagawa, Saitama and Chiba, the average price climbed 28.7 pct to 66.72 million yen. According to Real Estate Economic Institute Co., the average price of new condominium units put up for sale in the 23 Tokyo wards in January rose 15.8 pct to 121.26 million yen, exceeding 100 million yen for the ninth straight month against the backdrop of rising construction costs. In the metropolitan area, the average new condominium price rose 14.2 pct to 83.83 million yen but logged the fifth consecutive month of month-on-month decline. “Prices seem to be falling due to a decrease in the number of expensive properties in central Tokyo, but they remain high,” said Tadashi Matsuda, a senior researcher at the institute. END [Copyright The Jiji Press, Ltd.]