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At an average cost of 64.8 million yen ($502,330), buying a new condominium within a 40-minute commute of central Tokyo is just about out of reach for the average Japanese, according to a survey announced Tuesday.
For what would buy a sprawling house with a swimming pool and tennis court in some parts of America, in Japan is enough to own a new 75-square-meter (833-square-foot) condominium within 6 to 12 miles of Tokyo Station, according to the Urban Developers` Association of Japan.
The figure is based on the sales prices of 34,062 condominiums sold in the Tokyo area last year.
