New Condominium Prices in Tokyo Exceed 100 Million Yen for Fourth Straight Month

Sep 20, 2024 | News On Japan

TOKYO - The average price of a newly built condominium in Tokyo’s 23 wards has exceeded 100 million yen for the fourth consecutive month.

According to the Real Estate Economic Institute, the average price of new condominiums sold in Tokyo's 23 wards in August was 139.48 million yen per unit.

This marks the fourth straight month of prices surpassing 100 million yen, and it is also the highest level for August on record.

Due to labor shortages, the timing of construction starts and completions has been delayed, causing the number of units supplied to fall by about 60% (59.8%) compared to last year. Meanwhile, high-end properties in areas such as Chuo and Minato wards have pushed prices up by over 60% (62.2%).

In addition, the average price in the greater Tokyo metropolitan area also rose by more than 30% compared to last year, reaching 95.32 million yen.

The Real Estate Economic Institute analyzed that, "While the supply remains low, high-priced units are selling consistently, driving prices upward."

Source: ANN

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