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  • Writer's pictureAdam German

2024 Lifull Homes report sees soaring prices for central Tokyo new condos

Lifull, owners and operators of Japan based property portal Lifull Homes released on June 26 their latest survey results on the average prices of brand-new condominiums across Tokyo prefecture for 2024. 


Methodology of analysis wasn’t elaborated on in the press release but most likely the firm compared advertised new condo prices on the property portal. 


Yen Depreciation and Mortgage Rate Hikes: Driving Factors Behind Tokyo's Rising New Condo Prices in 2024 


According to the press release, the housing market has recently experienced significant price increases in central urban areas, fueled by the rising cost of materials, yen depreciation, and a post-COVID-19 demand surge.  


Consequently, the average price of new condominiums in central Tokyo has exceeded 100 million yen. This year, major banks have also increased mortgage rates, following the Bank of Japan's decision to end its eight-year-long negative interest rate policy. 


"Despite the mortgage rate hikes, the long-term trend of rising housing prices continues to attract investors seeking prime and rare properties with high asset value," said Toshio Nakayama, Chief Analyst at Lifull Home’s. 


Tokyo 23 Ward Findings 


The survey found Kita Ward experienced the highest increase in price per square meter, rising by 64.3%.  


Tokyo 23 Ward 2024 Brand New Condo Average Price per Square Meter Change Ranking

Note: 100% equals 2023 results so in the above, a 164% change in price per square meter means a 64% rise from 2023 to 2024. Source: Lifull Home’s press release linked at bottom of article. 


Minato Ward recorded the highest average price per square meter at 297.7 thousand yen. 


In Shibuya Ward, the average price per square meter, coupled with a typical floor area of 80 square meters, pushed average prices to 242.12 million yen—an increase of 135.12 million yen from the previous period. 


Tokyo Non-23 Ward Findings 


While prices in Tokyo's non-23 wards have risen, they remain significantly lower than those in the 23 wards.  


Tokyo non-23 Ward 2024 Brand New Condo Top Ten  Average Price per Square Meter Change Ranking

Note: 100% equals 2023 results so in the above, a 136% change in price per square meter means a 36% rise from 2023 to 2024. Source: Lifull Home’s press release linked at bottom of article. 


The average non-23 ward price was 58.05 million yen, up from 53.81 million yen, while the price per square meter increased to 89.4 thousand yen from 86.2 thousand yen, representing a 3.5% year-on-year increase.  


In Closing 

Amidst ongoing yen depreciation and rising consumer prices, it is anticipated that the population will continue to migrate away from central Tokyo to the surrounding prefectures and non-23 ward areas, while property prices in Tokyo’s 23 wards are expected to keep climbing. 


Source: 

Lifull Homes Press Release (Japanese only) 

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