Tokyo Condo Prices Soar to Historic 28 Percent in July
(MENAFN) The average price of newly built condominiums launched in July across Tokyo and its neighboring prefectures surged to a historic 100.75 million yen (approximately $682,682), marking a 28.4% year-on-year jump, according to data released by the Real Estate Economic Institute, a private research organization.
The capital's central 23 wards saw the most dramatic rise, with average condominium prices soaring 24.4% to 135.32 million yen, driven primarily by a wave of luxury, large-scale developments.
Other regional markets also posted sharp gains. In Saitama, average prices spiked 42.9% to 70.7 million yen, supported by a surge in high-rise projects in popular commuter hubs like Urawa and Kawagoe. Kanagawa recorded a 6% increase to 64.78 million yen, while Chiba climbed 11% to 59.32 million yen.
Conversely, areas outside of Tokyo’s central 23 wards bucked the trend, with prices slipping 7.8% to 56.18 million yen.
Despite steep price hikes, buyer interest remains strong. “High-priced properties often sell out immediately or within the same month of release, and the supply of luxury condominiums is expected to continue into the autumn,” the Real Estate Economic Institute stated.
(Conversion: 1 yen = 0.0068 U.S. dollars)
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