Average price of Tokyo area condo up 8.6% to new record in FY 2022

The average unit price of a new condominium in Tokyo and its surrounding areas rose 8.6 percent in fiscal 2022 from the previous year to 69.07 million yen ($515,000), hitting a record for the second consecutive year, a research institute said Tuesday.

The average for the capital and the three prefectures of Chiba, Kanagawa and Saitama for the year ended last month remains higher than levels seen when Japan was at the height of its bubble economy more than three decades ago.

In March alone, the average price of a unit was 2.2 times higher than a year prior at 143.6 million yen, the first time t...