Japan’s new condo price hits record high in 2024

Tokyo, JAPAN — The average price of new condominiums in Japan hit a record high for the eighth consecutive year in 2024 because of rising costs for construction materials and labor, Real Estate Economic Institute Co. said Wednesday.

The average condo price rose 2.9 percent from the previous year to 60.82 million yen per unit.

In Tokyo and three neighboring prefectures, the average price fell 3.5 percent to 78.2 million yen, after many high-priced condos were put on sale in 2023.

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Osaka and neighboring prefectures in western Japan saw their average price climb 14.8 percent to 53.57 million yen.

Among major regional cities, the average price jumped 40.1 percent to 55.98 million yen in Fukuoka, 31.8 percent to 53.72 million yen in Hiroshima and 27.2 percent to 58.9 million yen in Sendai.

The number of new condos put on sale across the country dropped 8.6 percent to 59,467 units, falling below 60,000 units for the first time in four years.

“There were shortages of construction workers, especially in regional cities” following the introduction of tighter overtime regulations at construction sites in April, an official at Real Estate Economic Institute said.

The institute said that the nationwide average price is expected to rise further this year, led by high-priced condos in downtown areas.