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Tokyo’s new condo prices surge 60% to a record in first half of year

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 ($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.

“The overall trend of increasing prices will continue, though they won’t become this extreme,” said Tadashi Matsuda, a senior researcher at the institute. He said the rise in values was due to a handful of expensive units in central Tokyo going on sale at the beginning of the year.