The average price of a new condominium in Tokyo’s 23 central wards in the first half of 2024 dropped 16.3 percent from a year earlier to 108.6 million yen ($690,000) after hitting a record high the previous year, but property prices remain at a high level, a research institute said Monday.
Affected by the decline in central Tokyo, the average for the wider metropolitan area covering the whole of the capital and surrounding prefectures also fell 13.5 percent to 76.8 million yen, the first decrease in three years, the Real Estate Economic Institute said.
The average unit price for the 23 wards slid from the record 129.6 million yen marked in the same period last year but exceeded 100 million yen for the second straight year.
With high-value property sales scheduled in some of the wards, the institute expects the average price to rise in the future.
