Central Tokyo condo price soars to record high in first half of 2023

TOKYO, Jul 21 (Kyodo) - The average unit price of a new condominium in Tokyo's 23 central wards in the first six months of 2023 soared to a record high 129.6 million yen ($930,000) due largely to high material prices and construction costs, a research institute said Thursday.

The price rose 60.2 percent compared to the January-June period a year earlier, exceeding the previous record set in 1991 of 97.38 million yen and surpassing 100 million yen for the first time on the first-half basis, according to the Real Estate Economic Institute.

The result was also affected by some high-value property sales, including units directly linked to a train station in Minato Ward, it said. ...continue reading

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