Japan 2022 average condo price hits record high for 6th year in row

The average unit price of new condominiums across Japan hit a record high of 51.21 million yen ($382,000) in 2022, topping the previous record for the six straight year due to soaring costs of construction materials, a report by a research institute showed Tuesday.

The price, up 0.1 percent from the previous year, also reflects an upward trend fueled by the popularity of properties located near train stations, the Real Estate Economic Institute said.

The trend could accelerate in 2023 amid high-end condo projects in Tokyo and surrounding areas as well as a growing number of dual-income househo...