Average apartment price in Tokyo area tops 50 million yen for first time in 15 years

The average apartment price in the Greater Tokyo Metropolitan area stood at 53.05 million yen in July 2007, exceeding the 50 million yen level for the first time in about 15 years. The price previously topped that level in November 1992, when the bubble economy was nearing an end. The average price then stood at 57.11 million yen. The Greater Tokyo Metropolitan area covers the Tokyo, Chiba, Saitama, Kanagawa and Ibaraki prefectures. In the city-size wards of Tokyo, the average price exceeded 70 million yen. This survey was announced by Real Estate Economic Institute Co. on July 13, 2007.