Tokyo-Area Condo Price Hits New High in 1st Half of FY 2024

Tokyo, Oct. 21 (Jiji Press)--The average price of new condominiums in the Tokyo metropolitan area logged a new record high of 79.53 million yen per unit in the first half of fiscal 2024, Real Estate Economic Institute Co. said Monday.

The average price in the area, which includes Tokyo and its neighboring prefectures of Saitama, Kanagawa and Chiba, rose 1.5 pct from 78.36 million yen a year earlier. High construction costs due to rising material and labor costs continue to push up sales prices of new condominiums.

In Tokyo's 23 wards, the average price climbed 4.5 pct to 110.51 million yen in the April-September period, after topping 100 million yen on a first-half basis for the first time in fiscal 2023. The average price was up 17.3 pct in Chiba and 10.7 pct in Kanagawa.

Meanwhile, the number of newly supplied condominium units in the metropolitan area plunged 29.7 pct to 8,238, falling below 8,851 in April-September 2020, when construction starts slumped due to the COVID-19 pandemic.

In particular, the number in Tokyo's 23 wards dived 42.9 pct to 3,242. Labor shortages are causing construction delays, making it difficult to project when new condominiums will be completed, industry sources said.

[Copyright The Jiji Press, Ltd.]