Central Tokyo condo price tops 100M yen for 2nd year

Tokyo (Jiji Press) — The average unit price of new condominiums put up for sale in Tokyo’s densely populated 23 wards exceeded 100 million yen for the second straight year in fiscal 2024, according to the Real Estate Economic Institute Co.

In the year ended March, the average price rose 11.2 pct from the previous year to 116.32 million yen, hitting a record high for the fourth consecutive year, reflecting increases in land prices and construction costs, including labor expenses.

Tadashi Matsuda, a senior researcher at the firm, said that the high popularity of pricey condos, especially in Tokyo’s 23 wards, “shows no signs of waning.”

But he warned that concerns about possible economic stagnation in light of U.S. President Donald Trump’s tariff policy could affect consumer sentiment.

The average unit price of new condos in Tokyo and the neighboring prefectures of Kanagawa, Saitama and Chiba grew 7.5 percent to 81.35 million yen, also logging a record high for the fourth year in a row.

The average price climbed 20.5 percent to 58.93 million yen in Saitama, 10.6 pct to 56.04 million yen in Chiba and 7.2 percent to 65.87 million yen in Kanagawa.

In the same year, the number of newly supplied condo units fell 17.0 percent to 22,239, the lowest level since the survey began in fiscal 1973, as construction starts continue to decline amid soaring construction costs.