New Condo Prices in Tokyo Decline for Second Month but Stay Above 74 Million Yen

May 22, 2024 | News On Japan

TOKYO - The average price of a newly built condominium in the Tokyo metropolitan area in April was 74.12 million yen, down more than 3 million yen from a year ago. However, it has risen by over 10 million yen compared to two years ago, indicating it remains at a high level.

According to the Real Estate Economic Institute, the average price of new condominiums released in the Tokyo metropolitan area in April was 74.12 million yen, marking the second consecutive month of decline from the previous year.

The decline is attributed to the reaction from the sale of ultra-high-priced properties in the 23 wards of Tokyo last year. Nevertheless, prices are still more than 10 million yen higher than two years ago.

The average price in Tokyo's 23 wards also fell by more than 20% from last year to 91.68 million yen, but it remains over 18 million yen higher than two years ago.

Looking ahead, the analysis suggests that there are no factors that would lead to an overall market price decrease, due to strong demand in the 23 wards and rising construction costs.

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