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Apartment Prices in Tokyo Exceed Bubble-Era High to Hit Record

  • Average price of new condos reached all-time high in 2021
  • More working women, lack of supply and Covid among reasons
Updated on

The price of new apartments in Tokyo toppled a 30-year-old record in 2021 as rising demand from dual-income households and increasing construction costs boosted the Japanese capital’s once-moribund housing market. 

The mean price of new condos in the Japanese capital and surrounding areas hit 62.6 million yen ($550,000) last year, topping the 61.2 million yen high watermark set in 1990 at the peak of the economic bubble, according to figures released Tuesday by the Real Estate Economic Institute. Some market watchers expect the surge to continue this year.