TOKYO -- Average prices for new apartments in Japan's capital hit a record high in 2023, according to figures released Thursday by the Tokyo-based Real Estate Economic Institute, pushed up by the rising cost of land and construction.
Prices of such properties in Tokyo's 23 wards, or districts, averaged 114.83 million yen ($777,630), up 39.4% from a year earlier and topping 100 million yen for the first time. The average price has rocketed 60.8% over the past five years.
