Central Tokyo condo prices top 100 mil. yen for 2nd straight year

The average price of a new condominium in central Tokyo rose 11.2 percent in fiscal 2024 from the previous year to a record 116.32 million yen ($827,000), topping 100 million yen for the second straight year amid soaring material and labor costs, a research institute said Monday.The number of new condominiums listed for sale in Tokyo's 23 wards, meanwhile, plunged 25.5 percent to 8,272 units, affected by overtime restrictions placed on construction sites since April last year.Amid soaring prices, sellers are continuing to target wealthy buyers by offering properties in convenient locations,…READ FULL ARTICLE