TOKYO - The average price of new condominiums in central Tokyo in July rose 96 percent from a year earlier to 265.20 million yen ($1.7 million), a monthly record, amid high construction costs, a research institute said Thursday.
It is only the second time the average price of new condominiums in Tokyo's 23 wards has exceeded 200 million yen, after reaching 217.5 million yen in March 2023, according to the Real Estate Economic Institute.
Sales of high-end high-rise condominiums in Minato Ward and elsewhere also helped drive up the average price in July, an institute official said, noting that with limited supply, large-scale developments can have an outsized impact on the market.
As for the outlook, the official said the average price is unlikely to remain above 200 million yen consistently but acknowledged that it is continuing to rise moderately overall due to soaring material costs.
The price in the greater metropolitan area covering the capital and its three surrounding prefectures also rose 63.7 percent in July from a year earlier, reaching a record 164.93 million yen.
The number of new condos listed for sale in Tokyo and neighboring Chiba, Kanagawa and Saitama climbed 6.9 percent to 2,145 units.
The price rose 11.7 percent to 72.34 million yen in Kanagawa and 29.7 percent to 76.93 million yen in Chiba, while falling 16.0 percent to 59.37 million yen in Saitama.
In western Tokyo, outside the capital's 23 wards, the average price of a new condominium surged 87.9 percent to 105.59 million yen.
