Tokyo Condo Prices Surge as Demand for Luxury Units Grows

Nov 20, 2024 | News On Japan

TOKYO - The average price for a newly built condominium in Tokyo’s 23 wards has remained above 100 million yen for six consecutive months.

According to the Real Estate Economic Research Institute, 816 new condominiums were sold in Tokyo’s 23 wards in October, with more than half—474 units—priced over 100 million yen.

The average price per unit reached 129.4 million yen, marking the sixth consecutive month of exceeding 100 million yen.

High-end tower condominiums in areas such as the bayside district of Chuo Ward and the Nakano area have driven prices higher, with an increase of nearly 50% compared to last year.

Across the greater Tokyo metropolitan area, prices rose by over 40% year-on-year, with the average reaching 92.39 million yen.

The Real Estate Economic Research Institute analyzed the situation, stating, “While supply may recover next year, the ongoing increase in construction costs and the trend of selective location choices are likely to sustain high prices moving forward.”

Source: ANN

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