TOKYO, Oct. 22 (Xinhua) -- The average unit price of new condominiums in Tokyo and three neighboring prefectures has hit a new high of 79.53 million yen (527,000 U.S. dollars) in the first half of fiscal year 2024, according to a research institute.

The average price in the Tokyo metropolitan area, which includes the capital and its neighboring prefectures of Saitama, Kanagawa and Chiba, rose 1.5 percent from a year earlier due to high construction expenses on rising material and labor costs, the Real Estate Economic Institute said on Monday.

By area, the average unit price increased 4.5 percent to 110.51 million yen in the April-September period in Tokyo's 23 wards and went up 17.3 percent in Chiba and 10.7 percent in Kanagawa, the institute said.

Meanwhile, the number of new condominiums listed for sale in the metropolitan area dived 29.7 percent to 8,238.

In Tokyo's 23 wards, newly supplied condominium units plunged 42.9 percent to 3,242 as labor shortages are causing construction delays, according to the institute.

Demand for new condominiums remains strong, especially in Tokyo, an official at the institute said, adding that sales of some condominiums in the suburbs are starting to slow due to rising prices. Enditem

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