Prices for new condominiums in the Tokyo metropolitan area remain elevated, leaving many units, especially those in central Tokyo, out of reach for the average buyer.
According to Real Estate Economic Institute, the average price of new condominiums put up for sale in Tokyo and three neighboring prefectures — Kanagawa, Saitama and Chiba — in the first half of this year reached ¥76.77 million ($516,000). In central Tokyo's densely populated 23 wards, the average price of new condos stood at ¥108.55 million, marking the second consecutive year that prices have exceeded ¥100 million.
"Even power couples, (who are high-income earners,) cannot afford them," an industry official noted.
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