InvestmentAverage price of 58.71 million yen for new condominums in the metropolitan area

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The average price per new apartment sold in the Tokyo metropolitan area last year was 58.71 million yen, which was slightly lower than the previous year, but still maintaining a high level since the bubble era.

According to the private research company (“Real Estate Economic Research Institute”) the number of newly-built condominiums that were launched in Tokyo, Kanagawa, Saitama, Chiba last year had a 3.4% (31,732) increase in 3 of those prefectures compared to the previous year.

This is due to the fact that sales in Chiba Prefecture and Saitama Prefecture greatly increased in areas with good access to the downtown zone.

Due to the continuing high price, the contract rate showing the actual selling rate among the number of units sold was 62.1%.
This is the lowest level after 1991, when the bubble economy collapsed, below 70%, which is regarded as a good measure.

As stated by the Real Estate Economic Research Institute, “The situation of high construction costs remains unchanged, there is no evidence that price will go down and the number of units sold is expected to be nearly even with last year.”

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