Tokyo's 23 wards see average new condo price jump 96% to record
Tokyo's 23 wards accounted for nearly half the metropolitan area's new condominium supply, helping the wider average reach a record 164.93 million yen in July.
- The average price for a new condominium in Tokyo's 23 wards reached a record high of 265.2 million yen in July, a 96% year-on-year increase.
- This surge was significantly influenced by the sale of high-end properties in Minato Ward, which averaged around 500 million yen per unit.
- A large-scale housing project in Kita Ward, with units averaging about 150 million yen, also contributed to pushing the overall average higher.
- July marked the first time the average price for the 23 wards surpassed 250 million yen, breaking the previous record of 217.5 million yen set in March 2023.
High-end properties sold in Minato Ward, together with the sale of a large-scale project in Kita Ward, helped propel the average price of newly offered condominiums across Tokyo’s 23 densely populated special wards to an all-time high of 265.2 million yen per unit in July.
Figures issued on Thursday by the Real Estate Economic Institute Co., Ltd. put the year-on-year increase at 96.0%.
On the forces behind the jump, Tadashi Matsuda, a senior researcher at the institute, said: “There is a clear impact from specific properties (on the sharp rise), and the overall upward trend is continuing.”
The Minato properties carried an average price of around 500 million yen.
At the large-scale Kita project, the corresponding unit average was about 150 million yen.
Almost half of the new units supplied throughout the metropolitan area were in the 23 wards, and their prices consequently raised the overall average.
For Tokyo and the neighbouring prefectures of Kanagawa, Saitama and Chiba, the average climbed 63.7% from a year earlier to a record 164.93 million yen.
July was also the first time the 23-ward average had crossed 250 million yen.
The former record, registered in March 2023, stood at 217.5 million yen.
[Copyright The Jiji Press, Ltd.]
