Tokyo apartment prices soar 40 percent

Dec 21, 2023 | News On Japan

TOKYO - The average price per new condominium unit in the Tokyo metropolitan area in November was 82.5 million yen, marking a nearly 40% increase from the same month last year. In Tokyo's 23 wards, the average price has exceeded 100 million yen for the first time in four months.

According to the Real Estate Economic Institute, the average price per new condo unit released in the metropolitan area in November exceeded the previous year's figure for the first time in two months, reaching 82.5 million yen, an increase of more than 22 million yen.

In October, there were no transactions over 300 million yen, but in November, 78 units in this price range were contracted, largely driven by high-priced condominiums in Tokyo's 23 wards, particularly in Minato and Shinjuku wards.

The average price rose by 50.2% across all of Tokyo's 23 wards compared to last year, reaching 128.11 million yen. This marks a return to the 100 million yen range for the first time since July of this year.

Looking ahead, the analysis suggests, "Next year, the supply of large-scale, high-priced properties will decrease, likely leading to lower prices than this year. However, costs remain high, so the trend of high prices is expected to continue."

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