New Condo Prices in Tokyo Metro Area Fall for First Time in 8 Months

Yomiuri Shimbun file photo
Condos in the Tokyo Bay area

The average sales price for a newly built condo unit in the Tokyo metropolitan area in October was ¥65.67 million, down for the first time in eight months on a year-on-year basis, according to the Real Estate Economic Institute Co. The metro area includes Kanagawa, Saitama and Chiba prefectures.

The drop is believed to be due to the low supply of high-end properties in Tokyo’s 23 wards.

The unit price per square meter rose by ¥15,000 from a year earlier. An official at the institute said that “the upward trend in average sales prices is expected to continue” due to soaring material and labor costs.