Central Tokyo Condo Prices Hit Record High in April-Sept.

Tokyo, Oct. 21 (Jiji Press)–The average unit price of new condominiums put up for sale in Tokyo’s densely populated 23 special wards in April-September hit a record high for the third straight year, Real Estate Economic Institute Co. said Tuesday. The figure in the first half of fiscal 2025 came to 133.09 million yen, up 20.4 pct from the year-before level of 110.51 million yen, as land, construction and labor costs continued to rise. In the Tokyo metropolitan area, comprising the whole of Tokyo and neighboring Kanagawa, Saitama and Chiba prefectures, the average condominium price surged 19.3 pct to 94.89 million yen, also a record high. The increase in Tokyo’s 23 wards has spread to the entire metropolitan area, and high condominium prices may influence purchase decisions among middle-income earners. The number of condo units newly supplied in the metropolitan area grew 11.1 pct to 9,150 units, up for the first time in four years, led by large properties. The recent spike in condo prices has been driven by high-priced properties, including high-rise condos in central Tokyo, but the market’s focus may now shift to relatively cheaper properties in the suburbs. “It’s difficult to imagine that the current pace of increase (in condo prices) will continue, but the upward trend will likely persist,” said Tadashi Matsuda, a senior researcher at the institute. High new condo prices are affecting the market for secondhand properties. According to real estate research firm Tokyo Kantei Co., the average price of pre-owned condo units in Tokyo’s special wards in August came to 107.21 million yen per 70 square meters, up 38.3 pct from a year before. END [Copyright The Jiji Press, Ltd.]