Tokyo average condo price hits record high in fiscal 2024

TOKYO, Apr 22 (NHK) - The average price of new condominiums in Greater Tokyo has marked a record high for a fourth straight year amid rising costs.

The Real Estate Economic Institute says the average price for a condo sold in the region in the fiscal year through March stood at over 81 million yen, or about 570,000 dollars. The yen figure is up 7.5 percent from the previous year.

The average price in Tokyo's 23 wards rose 11.2 percent year-on-year in yen terms, to roughly 820,000 dollars. The price in the other areas in Tokyo was up 13.2 percent, to around 430,000 dollars. The figure for Kanagawa Prefecture rose 7.2 percent. The average for Saitama Prefecture jumped 20.5 percent. Chiba Prefecture saw an increase of 10.6 percent.

The higher prices are mainly due to increases in labor and material costs, as well as rising land prices. In addition, many units with high price tags were put on sale in central Tokyo last month.

Meanwhile, the overall number of new units dropped. In fiscal 2024, 22,239 new condo units were released in Greater Tokyo. That represents a year-on-year drop of 17 percent, and a record low since fiscal 1973, when data keeping began.

The research firm says cases have increased of developers constructing condo buildings on land leased for a certain period, as procuring land is becoming difficult.

The firm says many people want to buy condos especially in Tokyo's 23 wards despite the rising prices. But it says US President Donald Trump's new tariffs are making the economic outlook unclear, citing the need to watch their impact.

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