The large-scale condominium complex Harumi Flag is pictured in Tokyo’s Chuo Ward, Oct. 19, 2023, in this photo taken from a Mainichi Shimbun helicopter. (Mainichi/Naoki Watanabe)
TOKYO (Kyodo) — The average price of a new condominium in central Tokyo in the first six months of 2025 hit a record high of 130.64 million yen ($878,400), a research institute said Thursday.
The rise of 20.4 percent from the previous year for the capital’s 23 wards comes as properties in popular areas continued to be seen as investment assets and remained in demand despite elevated prices.
The average for the wider metropolitan area covering the capital and surrounding three prefectures also rose to the highest level for the January-June period, climbing 16.7 percent to 89.58 million yen, as the weaker yen pushed up material costs and labor costs also grew, according to the institute.
“There is a good possibility that prices for the full year will hit a record high as luxury properties in the 23 wards are slated to be put on the market in the second half of the year,” a representative from the institute said.
Most areas hit fresh records, with condominiums in the rest of Tokyo, outside the 23 wards that cover the densest and most urbanized areas of the capital, soaring 19.8 percent to 68.35 million yen.
Properties in Kanagawa Prefecture were up 12.4 percent at 69.57 million yen, and those in Saitama Prefecture increased by 26.9 percent to 65.51 million yen.
But prices in Chiba Prefecture dipped 1.6 percent to 57.38 million yen, seen as a recoiling from strong sales of luxury properties the previous year.
AloJapan.com