Tokyo condominium prices now at record highs

A new condominium costs JPY1.72 million per sqm as of Q3 2024.

A recent Savills report cited data from the Real Estate Economic Institute (REEI) revealing that the average prices of new condominiums in the Tokyo 23W have hit record highs, standing at JPY114.8 million as of 2023.

“These highs have continued in 2024 - the price per sq m of a new condominium in 2023 was JPY1.73 million per sq m, and as of Q3/2024, it was JPY1.72 million per sq m, both significant increments from the JPY1.29 million per sq m levels of 2022,” the report said.

Here’s more from Savills:

In addition, second-hand condominium prices have moved in tandem. According to Real Estate Information Network System (REINS), the average prices in the 23W increased 6% from JPY57.8 million in 2022 to JPY61.3 million in 2023.

Meanwhile, second-hand condominiums in the Central 3 Wards (C3W), Minato, Chiyoda, and Chuo, are reported to have seen prices nearly double since 2018, showing the importance of location. Overall, average prices of both new and second-hand condominiums have reached historical high levels.