During the January-June period, the average price of a condominium in Tokyo's 23 central wards came in at 129.6 million yen (930,000 U.S. dollars), the Real Estate Economic Institute Co. said in its latest report.
The price exceeded the previous record of 97.38 million yen in 1991 by rising 60.2 percent year on year, while surpassing 100 million yen for the first time on the H1 basis, the report said on Thursday.
For Tokyo and its three neighboring prefectures, Kanagawa, Saitama and Chiba, the average also expanded 36.3 percent from a year ago to hit a record high of 88.73 million yen, the report showed.
The research institute pointed out that the soaring prices were largely driven by luxury properties in central Tokyo, which also contributed to the record-breaking highs.
It also added that condominium prices may continue gradually rising due to higher construction costs while demand, which rose during the COVID-19 pandemic as people spent more time at home, has waned.
Meanwhile, the number of new condominiums released for sale in Tokyo and the neighboring prefectures during H1 fell 17.4 percent to 10,502 units, which marked the second consecutive year of decline, the report showed. (1 U.S. dollar equals 139.34 Japanese yen)
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