TOKYO, March 24 (Xinhua) -- Prices for new condominiums in Tokyo's broader metropolitan area continue to climb, rising in February from a year ago for the fourth straight month amid tight supply, according to figures released by the Real Estate Economic Institute.
Prices of such properties in Tokyo, Kanagawa, Chiba and Saitama prefectures rose 5.1 percent last month, with average prices reaching 71.2 million yen (about 472,000 U.S. dollars), while prices for condos in Tokyo's 23 wards, or districts, rose 1 percent to 91.1 million yen, the Tokyo-based company said.
Prices hikes came as the number of new units that went on sale in the capital region fell 27.6 percent from a year ago to 1319, it added.
The research institute said prices remain high amid rising cost of land and construction which curbed supply, prompting home buyers to snap up limited properties.
The firm expects a muted impact from the Bank of Japan ending negative interest rates, noting that the focus now is whether the central bank will implement more rate hikes. ■