Japan's new condo price hits record high in 2024

The average condo price rose 2.9 % from the previous year to 60.82 million yen per unit. In Tokyo and three neighboring prefectures, the average price fell 3.5 % to 78.2 million yen, after many high-priced condos were put on sale in 2023.

Osaka and neighboring prefectures in western Japan saw their average price climb 14.8 % to 53.57 million yen.

Among major regional cities, the average price jumped 40.1 % to 55.98 million yen in Fukuoka, 31.8 % to 53.72 million yen in Hiroshima and 27.2 % to 58.9 million yen in Sendai.

The number of new condos put on sale across the country dropped 8.6 % to 59,467 units, falling below 60,000 units for the first time in four years.

"There were shortages of construction workers, especially in regional cities" following the introduction of tighter overtime regulations at construction sites in April, an official at Real Estate Economic Institute said.

The institute said that the nationwide average price is expected to rise further this year, led by high-priced condos in downtown areas.

[Copyright The Jiji Press, Ltd.]

Photo by Reuters