The average price of new condominiums in the Tokyo metropolitan area logged a new record high of ¥79.53 million per unit in the first half of fiscal 2024, Real Estate Economic Institute said Monday.

The average price in the area, which includes Tokyo, Saitama, Kanagawa and Chiba prefectures, rose 1.5% from ¥78.36 million a year earlier. High construction costs due to rising material and labor costs continue to push up sales prices of new condominiums.

In Tokyo's 23 wards, the average price climbed 4.5% to ¥110.51 million in the April-September period, after topping ¥100 million on a first-half basis for the first time in fiscal 2023. The average price was up 17.3% in Chiba and 10.7% in Kanagawa.

Meanwhile, the number of newly supplied condominium units in the metropolitan area plunged 29.7% to 8,238, falling below 8,851 in April-September 2020, when construction starts slumped due to the COVID-19 pandemic.

In particular, the number in Tokyo's 23 wards dived 42.9% to 3,242. Labor shortages are causing construction delays, making it difficult to project when new condominiums will be completed, industry sources said.

"Demand for new condominiums remains strong, especially in Tokyo," said a Real Estate Economic Institute official, adding, however, that sales of some condominiums in the suburbs are starting to slow due to rising prices.