TOKYO (XINHUA) – The average price of a new condominium in central Tokyo in the first half (H1) of 2024 dropped 16.3 per cent from a year earlier to JPY108.6 million, according to figures released by Japan’s Real Estate Economic Institute.
The average unit price for the Japanese capital’s 23 wards slid from the record high of JPY129.6 million marked in the same period of 2023 while exceeding JPY100 million for the second year in a row, the institute said.
Affected by the decline in central Tokyo, the average price for the broader metropolitan area covering the whole of the capital and three surrounding prefectures, Saitama, Kanagawa and Chiba, also fell 13.5 per cent to JPY76.8 million, marking the first decrease in three years.
The number of new condominiums put up for sale in Tokyo and the neighbouring prefectures fell 13.7 per cent to 9,066 units in the first six months of 2024, falling below 10,000 for the first time in four years for the January-June period, while the number for Tokyo’s 23 wards declined 32.3 per cent to 3,319 units, the institute said.
The declines are largely blamed on increased building cost amid a labour shortage.
