TOKYO, Feb. 26 (Xinhua) -- The average price of newly built condominiums across Japan rose 2.9 percent year on year in 2024, refreshing the record for the eighth consecutive year, data from private research firm Real Estate Economic Institute showed Wednesday.

Average price of the new condo came in at 60.82 million yen (about 407,251 U.S. dollars) last year, marking the first time in history that the national average has surpassed 60 million yen.

The rise was driven by persistently high construction costs, influenced by increasing material prices and labor expenses. While the average price in the Tokyo metropolitan area fell by 3.5 percent to 78.2 million yen, the Kinki region saw a surge of 14.8 percent to 53.57 million yen.

Major regional cities also experienced significant price increases, with Sendai rising by 27.2 percent, Hiroshima climbing by 31.8 percent, and Fukuoka soaring by 40.1 percent.

The research firm predicts that prices will continue to rise nationwide due to increasing construction costs and a concentration of supply in high-demand locations where units continue to sell at premium prices. Enditem

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