TOKYO, June 23 (Xinhua) — The average price of newly built condominiums released in May across Tokyo and its surrounding prefectures continued to rise in May, according to a report released Monday by the Real Estate Economic Institute.
Condo prices averaged at approximately 93.96 million yen (about 638,649 U.S. dollars) last month, up 25.5 percent year-on-year, the data showed.
In Tokyo’s 23 wards, the average price soared to 140.49 million yen, a 36.1-percent increase year-on-year, driven by a surge in the release of ultra-luxury properties.
Despite the price increase, the number of new condominium units released across the greater Tokyo area, which includes Tokyo, Kanagawa, Saitama, and Chiba prefectures, fell 16.9 percent from a year earlier to 1,288 units.
The research firm noted that developers continue to focus on premium properties in carefully selected urban locations, with some units priced over 200 million yen selling out on the same day.
It expects the trend of high-end properties driving up the overall average to persist in the coming months.
