Central Tokyo condo prices top 100 mil. yen for 2nd straight year
The average price of a new condominium in central Tokyo surged 11.2 percent in fiscal 2024 from the previous year to 116.32 million yen ($827,000), topping 100 million yen for the second straight year, a research institute said Monday.
The rise in condo prices mainly reflected soaring material and labor costs. The number of new condominiums listed for sale in Tokyo's 23 wards, meanwhile, plunged 25.5 percent to 8,272 units.
The average price in the country's capital and surrounding areas rose 7.5 percent from the previous year to 81.35 million yen, with prices climbing in every prefecture in the metropolitan region.
By prefecture, the price rose 20.5 percent to 58.93 million yen in Saitama, 10.6 percent to 56.04 million yen in Chiba, and 7.2 percent to 65.87 million yen in Kanagawa.
The average price in Tokyo outside the 23 wards increased 13.2 percent to 60.67 million yen.
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