TOKYO, June 23 (Xinhua) — The common worth of newly constructed condominiums launched in May throughout Tokyo and its surrounding prefectures continued to rise in May, in response to a report launched Monday by the Real Estate Economic Institute.
Condo costs averaged at roughly 93.96 million yen (about 638,649 U.S. {dollars}) final month, up 25.5 p.c year-on-year, the info confirmed.
In Tokyo’s 23 wards, the typical worth soared to 140.49 million yen, a 36.1-percent improve year-on-year, pushed by a surge within the launch of ultra-luxury properties.
Despite the worth improve, the variety of new condominium items launched throughout the better Tokyo space, which incorporates Tokyo, Kanagawa, Saitama, and Chiba prefectures, fell 16.9 p.c from a yr earlier to 1,288 items.
The analysis agency famous that builders proceed to deal with premium properties in fastidiously chosen city areas, with some items priced over 200 million yen promoting out on the identical day.
It expects the pattern of high-end properties driving up the general common to persist within the coming months.
