Average of 129.62 million yen in the first half… Excluding 97.38 million yen in 1991 during the real estate bubble
Impact of increased demand for luxury housing along with rising construction costs and land prices
Tokyo city view, Japan. [사진 EPA=연합뉴스]
[이코노미스트 박지윤 기자] In the first half of this year, new apartment prices in central Tokyo, Japan, rose by more than 60 percent compared to last year.
In the first half of this year, the average price of a new apartment in Tokyo’s 23rd ward exceeded 100 million yen (approximately 910 million won) for the first time.
According to the Asahi Shimbun and the Nihon Keizai Shimbun (Nikkei) on the 21st, the Japan Real Estate Economic Research Institute reported that the average price of new apartments in Tokyo’s 23 wards in the first half of the year was 129.62 million yen (approximately 1.18 billion won), up 60.2% from the same period last year.
This is the highest amount in 32 years, surpassing 97.38 million yen (approximately 890 million won) in 1991, which was Japan’s bubble economy. It is the first time since statistics were compiled in 1973 that the average new construction price in this area exceeded 100 million yen (approximately 910 million won). The Asahi Shimbun reported that the average price of newly built apartments as a whole rose as construction costs and land prices rose, as well as high-end houses built around downtown Tokyo.
The Asahi Shimbun said, “Mita Garden Hills, Minato-ku, whose average price was in the 400 million yen range along with rising construction costs, led the increase in the average price of apartments in Tokyo’s 23 wards.”
On the other hand, the rate of price increase in the remaining three prefectures, excluding Tokyo, was relatively low. The sales price of apartments in Kanagawa Prefecture rose 7.6% to 57.48 million yen, while Chiba Prefecture recorded 47.66 million yen, up 0.8%. Saitama Prefecture was surveyed at 50.19 million yen, down 14.7%.
ⓒThe Economist (“Economic News for Tomorrow” Unauthorized copying and redistribution prohibited)
2023-07-21 12:48:00
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