Photo/Illutration A condominium building featuring units priced at more than 100 million yen is under construction in Takamatsu. (Asahi Shimbun file photo)

The average price of a new condominium in Japan in 2024 exceeded 60 million yen ($402,000) for the first time and renewed a record high for the eighth consecutive year, a research institute said.

The price was 60.82 million yen, 2.9 percent higher than in 2023, according to Real Estate Economic Research Institute Co., which started conducting its price survey in 1973.

Soaring construction and labor costs have continued to push up property prices around Japan.

Among major cities, the average price for a new condominium was: up 3.3 percent to 51.45 million yen in Sapporo; up 27.2 percent to 58.9 million yen in Sendai; up 8.3 percent to 44.48 million yen in Nagoya; up 31.8 percent to 53.72 million yen in Hiroshima; and up 40.1 percent to 55.98 million yen in Fukuoka.

In prime locations near train stations, some regional cities have even seen condominium sales exceeding 100 million yen, a price typically associated with luxury properties in the Tokyo metropolitan area.

The average price of a new condominium in the capital’s 23 central wards was 111.81 million yen, a decrease of 2.6 percent from the previous year.

“The trend of some high-priced properties pushing up the average price will likely continue for some time,” said Tadashi Matsuda from the institute. “However, if the incomes of buyers do not increase, prices could potentially plateau.”

The number of new condominiums sold nationwide in 2024 was 59,467, a decrease of 8.6 percent from the previous year. Nomura Real Estate Development Co. sold the largest number, with 3,584 units.

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