Tokyo area condo prices top $803,000 for first time in 6 months

TOKYO – The average price of a new condominium in Tokyo and its three surrounding prefectures in February rose 38.8 per cent from a year earlier, – topping 100 million yen (S$803,000) for the first time in six months – to reach 110.25 million yen, a research institute said on March 18.

The price in the capital and Chiba, Kanagawa and Saitama prefectures hit its second-highest level since 1973, when comparable data became available, marking a year-on-year increase for the 10th straight month, on the back of rising construction costs, according to the Real Estate Economic Institute.

Some ultra-high apartments in areas like Chiba prefecture are contributing to the overall price rise, an official said, noting a growing tendency of buyers broadening their search because of the pricey condos in Tokyo’s 23 wards.

The average price for new condominiums in central Tokyo increased 37.4 per cent to 142.8 million yen and that in Chiba more than doubled to 130.01 million yen, a record-high, the institute said.

The price climbed 33.6 per cent to 71.58 million yen in western Tokyo outside the capital’s 23 wards and gained 41.1 per cent to 94.54 million yen in Kanagawa, while diving 40.7 per cent to 59.01 million yen in Saitama. KYODO NEWS