Tokyo Apartment Prices Hit Record High for Third Consecutive Year

Average price of new apartments in Tokyo exceeded 100 million yen in 2023, driven by low supply, rising costs, and influx of foreign investors.

The average price of new apartments in Tokyo surged 29% to a record high of ¥81 million ($548,000) in 2023, marking the third consecutive year of record prices.
The price increase was driven by low supply, rising building costs, and an influx of foreign investors due to the yen's slide to a multi-decade low.
Analysts predict that condo values will continue to rise in 2024 despite a slowing economy and the Bank of Japan's potential abandonment of its negative interest-rate policy.
The average price of new apartments in Tokyo exceeded 100 million yen annually for the first time ever in 2023, with the average price reaching a record 114.8 million yen ($778,041).
The surge in apartment prices is also being fueled by foreign buyers looking to shift funds out of China due to a real estate crisis and geopolitical concerns.