TOKYO, April 18 (Xinhua) -- The average unit price of newly-built condominiums for sale in Japan's greater Tokyo area reached a record high for the second consecutive year, a research institute said Tuesday.
For the fiscal year 2022 from April 2022 to March 2023, the average price of a condominium in Tokyo and its three neighboring prefectures, Kanagawa, Saitama and Chiba, rose 8.6 percent year-on-year to 69.07 million yen (515,000 U.S. dollars), the Real Estate Economic Institute Co. said in a report.
The average price per square meter came in at 1.04 million yen during the fiscal year, said the report.
In March alone, the average unit cost was 143.6 million yen, which is 2.2 times higher than a year earlier and the first time the monthly average has surpassed the 100-million-yen mark, according to the report.
The institute attributed the surge in condo prices to soaring materials and construction costs, as well as ultra-expensive real estate sales at the end of the fiscal year of 2022. (1 U.S. dollar equals 134.12 Japanese yen) ■