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Japan sees 7th straight year of record high condo prices in 2023

Posted on March 4, 2024 |

In 2023, the average price of new condominiums in Japan hit a record high of ¥59.11 million, rising by 15.4% compared to the previous year.

This increase was driven by escalating costs of construction materials and labor, alongside the presence of high-end properties in central Tokyo.

Experts predict that condominium prices will continue to rise due to ongoing cost escalations.

In the Tokyo metropolitan area, including Tokyo and surrounding prefectures, the average price surged to ¥81.01 million, marking a nearly 30% increase.

Within Tokyo's 23 wards, the average price exceeded ¥100 million for the first time, rising by approximately 40% to ¥114.83 million.

Across the Kinki region, which includes Osaka, Kyoto, Hyogo, Nara, Shiga, and Wakayama prefectures, the average price rose by 0.7% to ¥46.66 million.

Major cities experienced varying trends, with Nagoya witnessing a 14.5% increase in average unit price, while Sapporo, Sendai, Hiroshima, and Fukuoka saw declines ranging from 0.7% to 8.5%.

Additionally, the supply of new condominiums nationwide decreased by about 10% to 65,075 units in 2023.

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