Tokyo New Condo Prices Surge 60% to a Record in First Half

(Bloomberg) — Newly built condo prices in Tokyo surged to a record in the first six months of 2023, adding fuel to a trend of growth stemming from factors including an influx of luxury units.

The average price of a new apartment in central Tokyo jumped 60% to 129.6 million yen ($930,000) in the January to June period — the highest since record-keeping began, according to the Real Estate Economic Institute, which has been tracking data on condo sales since 1973.