TOKYO, Feb. 19 (Xinhua) -- The average price of newly built condominiums in the Tokyo metropolitan area fell to 73.43 million yen (about 483,757 U.S. dollars) in January, down 7.7 percent year-on-year, a report by the Real Estate Economic Institute showed Wednesday.
The decline was largely due to a sharp decrease in the number of high-priced units released in Tokyo's 23 wards, according to the report.
Amid persistently high construction costs, the number of new condo units launched in Tokyo's 23 wards dropped 59.1 percent year-on-year, pulling down the overall average price.
The total supply of new condominiums in the Tokyo metropolitan area, which includes Tokyo, Kanagawa, Saitama and Chiba, also remained low. Only 620 units were released in January, due to a seasonal pause in sales at the start of the year and fewer large-scale projects, such as high-rise condominiums, coming to market.
Looking ahead, the institute expects average prices to rise again as several large-scale developments in central Tokyo are set to be launched in the coming months. ■
