Central Tokyo Condo Price Hits Record 265 M. Yen in July

Tokyo, Aug. 20 (Jiji Press)--The average unit price of new condominiums put up for sale in Tokyo’s densely populated 23 special wards in July surged 96.0 pct from a year before to a record 265.2 million yen, a think tank said Thursday.

The figure exceeded the previous record of 217.5 million yen set in March 2023 and rose above 250 million yen for the first time, according to Real Estate Economic Institute Co.

High-end properties, whose prices averaged around 500 million yen, were sold in the capital’s Minato Ward, helping push up the overall average price for the entire 23 wards.

The average unit price of new condos in Tokyo and the neighboring prefectures of Kanagawa, Saitama and Chiba rose 63.7 pct to a record high of 164.93 million yen.

Properties in the 23 wards accounted for nearly half of the units supplied in the metropolitan area, driving up the overall average.

[Copyright The Jiji Press, Ltd.]