Central Tokyo Condo Price Tops 100 M. Yen Again in 2024

Tokyo, Jan. 23 (Jiji Press)--The average unit price of new condominiums put up for sale in Tokyo's densely populated 23 special wards topped 100 million yen for the second straight year in 2024, a think tank said Thursday.

The average condo price came to 111.81 million yen, standing slightly below the 2023 figure of 114.83 million yen, according to Real Estate Economic Institute Co.

The average price in Tokyo and the neighboring prefectures of Kanagawa, Saitama and Chiba in 2024 stood at 78.20 million yen, down from the previous year's record 81.01 million yen. The fall came after extremely expensive units were sold continuously in the central Tokyo area in 2023.

The number of condo units valued at over 100 million yen in the metropolitan area stood at 3,648 in 2024, down 12.6 pct from the previous year.

The average price rose 18.9 pct to 56.89 million yen in Chiba, 13.8 pct to 55.42 million yen in Saitama and 6 pct to 64.32 million yen in Kanagawa, pushed up by the prices of condos newly supplied in redevelopment areas and those around major stations near Tokyo.

[Copyright The Jiji Press, Ltd.]