Tokyo New Condo Prices Climb Amid Luxury Boom
(MENAFN) According to a report published Monday by the Real Estate Economic Institute, the average cost of newly launched condominiums in Tokyo and its neighboring prefectures continued to climb in May.
Last month, the typical price for these newly built condos reached roughly 93.96 million yen (approximately $638,649 USD), marking a significant 25.5% increase compared to the same month last year.
Within Tokyo’s 23 wards, prices surged even more dramatically, hitting an average of 140.49 million yen—a 36.1% rise year-on-year—largely fueled by a wave of ultra-luxury developments entering the market.
Despite the upward price momentum, the total volume of new condominium units introduced across the broader Tokyo metropolitan region, which encompasses Tokyo, Kanagawa, Saitama, and Chiba prefectures, declined by 16.9% from last year, falling to 1,288 units.
The institute highlighted that property developers remain focused on high-end projects located in prime urban areas, with some units priced above 200 million yen reportedly selling out on launch day.
Looking ahead, the research firm anticipates that the dominance of luxury properties will continue to push the average price upward in the months to come.
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