Central Tokyo condo price tops ¥100 million for 2nd year

The average unit price of new Tokyo condominiums rose 11.2% to ¥116.32 million in fiscal 2024, hitting a record high for the fourth consecutive year due to higher land prices and construction costs, including labor expenses. Despite the surge, demand remains strong with no signs of waning. However, concerns over U.S. President Trump's tariffs might impact consumer sentiment. Meanwhile, the number of newly supplied units fell 17% to 22,239, the lowest since 1973, as rising costs and construction declines continue to affect supply in Tokyo and surrounding prefectures like Kanagawa, Saitama, and Chiba.