The number of new condominium units put up for sale in the greater Tokyo area fell by more than 10 percent in the first six months of 2024. Increased building costs amid a labor shortage caused the decline.
The Real Estate Economic Institute says 9,066 new units went on sale in Tokyo and three surrounding prefectures from January to June. That is down 13.7 percent from the same period last year.
The average price of a condo in greater Tokyo was 76.77 million yen, or nearly 490,000 dollars. That is still the second highest following the record set last year.
The average in Tokyo’s 23 wards fell more than 20 million yen to 108.55 million yen, or about 690,000 dollars.
It is the second year in a row that prices have topped 100 million yen.
An institute official says more units are expected to go on sale in central Tokyo in the coming months, but prices are likely to remain high.