Business | Apr 19

Average Price of New Tokyo Condos Surpasses 100 Million Yen

TOKYO, Apr 19 (News On Japan) - The prices of newly built condominiums in Tokyo's city center continue to surge, surpassing 100 million yen ($650,000) on average across all 23 wards.

According to the Real Estate Economic Institute, a private research firm, the average price for a new condominium in Tokyo's 23 wards reached 100,464 million yen in fiscal 2023, marking the first time it has crossed the 100 million yen threshold.

This price surge has been influenced by a series of luxury property launches in central Tokyo, increases in land prices, and rising costs for materials and labor.

Meanwhile, in the metropolitan area encompassing Tokyo, Kanagawa, Chiba, and Saitama, the average price of new condominiums rose by 9.5% compared to the previous fiscal year, reaching 75.66 million yen, setting a new record high for the third consecutive year.

Source: TBS

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