Central Tokyo condo price hits record $1.67m in July

The figure exceeded the previous record of 217.5 million yen ($1.37 million) set in March 2023 and rose above 250 million yen for the first time, according to Real Estate Economic Institute Co.

High-end properties, whose prices averaged around 500 million yen ($3.15 million), were sold in the capital's Minato Ward, helping push up the overall average price for the entire 23 wards.

The average unit price of new condos in Tokyo and the neighboring prefectures of Kanagawa, Saitama and Chiba rose 63.7 pct to a record high of 164.93 million yen ($1.04 million).

Properties in the 23 wards accounted for nearly half of the units supplied in the metropolitan area, driving up the overall average.

The increase was also driven by the sale of a large-scale property with an average unit price of around 150 million yen ($0.94 million) in the capital's Kita Ward.

Tadashi Matsuda, a senior researcher at the institute, said, "There is a clear impact from specific properties (on the sharp rise), and the overall upward trend is continuing."