TOKYO, May 20 (Xinhua) -- The average price of newly built condominiums released in April across Tokyo and the surrounding three prefectures (Kanagawa, Saitama, and Chiba) fell 8.7 percent year-on-year to 69.99 million yen (about 485,171 U.S. dollars), according to data released Tuesday by the Real Estate Economic Institute.
This marks the first time since December 2022 that the average price has dipped below 70 million yen.
The decline was primarily attributed to a drop in the number of high-end property launches in central Tokyo. In the 23 wards of Tokyo, the average price fell 7 percent to 90 million yen.
Notably, there were no new listings of ultra-luxury properties priced over 300 million yen during April.
Meanwhile, suburban activity surged. In Chiba Prefecture, the number of new condo units released jumped to 4.5 times that of the same month last year, contributing to the overall decrease in average prices.
The research institute noted that escalating prices in central Tokyo have pushed more homebuyers to consider suburban areas, particularly around train stations.
Looking ahead, the institute noted that rising construction costs continue to exert upward pressure on prices, and a new wave of high-end condominium launches is expected in the summer, potentially reversing the recent decline. ■
