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Average price of Tokyo-area condos hit record high in 2022

The average unit price of new condominiums put up for sale in the greater Tokyo area hit a record high for the second straight year in 2022, a think tank report showed Thursday.

The figure grew 0.4% from the previous year to ¥62.88 million amid soaring materials prices chiefly reflecting the yen’s weakening.

The number of condo units newly supplied in Tokyo and neighboring Kanagawa, Saitama and Chiba prefectures fell 12.1% to 29,569 units after rebounding in the previous year, the Real Estate Economic Institute said.

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