By GO TAKAHASHI/ Staff Writer
April 20, 2023 at 19:04 JST
An architectural rendering of the Mita Garden Hills in Tokyo’s Minato Ward (Provided by Mitsui Fudosan Co.)
New apartments in Tokyo’s central area are in high demand, fetching their highest prices ever in March, topping 200 million yen ($1.4 million) on average for the first time, according to the Real Estate Economic Institute Co.
The average price of the apartments put on sale in the month in the capital’s 23 wards hit 217.5 million yen, 2.7 times higher than in the same month the previous year.
In the wider Tokyo metropolitan area, including Kanagawa, Chiba and Saitama prefectures, the average price also reached 143 million yen, topping 100 million yen for the first time.
“In the Tokyo metropolitan area, 79.5 percent of the condominiums were sold within a month thanks to the scarcity of the apartments in high-demand areas,” said Tadashi Matsuda from the Real Estate Economic Institute on April 18.
“More large developments in central Tokyo are coming this year and if they go on sale at once, the monthly average price can soar, if not to as high a level as in March,” he added.
The average price was pushed up by luxury apartments in Minato Ward.
All units of the Mita Garden Hills, some 400 units with an average price in the range between 400 million yen and 500 million yen, were sold out.
The World Tower Residence, in a redeveloped area near JR Hamamatsucho Station, had its first offerings of 169 units sold at an average price of approximately 250 million yen.
Market conditions continue to push prices up, with low mortgage rates increasing demand. Falling supply due to intensified land acquisition is another factor.
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