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Property

Average Tokyo condo prices are $544,000, a 29-year high

Developers stick to expensive, prime sites as buyers retreat

Tokyo's condo prices have climbed to the highest since 1990, as real estate companies focus on central city areas and prime locations near train stations.

TOKYO -- Average condo prices in the Tokyo region last year climbed to the highest since 1990, while the growing sticker shock sapped demand and dragged listings to the lowest in more than a quarter century.

Prices for new condominiums in Tokyo and three surrounding prefectures rose 1.8% to an average of 59.8 million yen ($544,000 at current rates), the Real Estate Economic Institute reported Wednesday. The 2019 figure ranks second only to the record of 61.23 million yen set nearly three decades ago during the tail end of Japan's asset bubble period.

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