Tokyo: The average unit price of new condominiums in Tokyo's 23 special wards hit a record-breaking 265.2 million yen in July, marking a significant 96.0 percent increase from the previous year, a think tank reported on Thursday.

According to Philippines News Agency, this figure surpasses the previous record of 217.5 million yen set in March 2023 and marks the first time the average price has exceeded 250 million yen. The surge in prices was largely driven by high-end properties in Minato Ward, where prices averaged around 500 million yen, significantly influencing the overall average for all 23 wards.

Additionally, the average unit price of new condos across Tokyo and the neighboring prefectures of Kanagawa, Saitama, and Chiba rose by 63.7 percent to a record-high of 164.93 million yen. Properties in the 23 wards represented nearly half of the units supplied in the metropolitan area, contributing to the increase in the overall average price.

The rise in prices was further propelled by the sale of a large-scale property in the capital's Kita Ward, with an average unit price of approximately 150 million yen. Tadashi Matsuda, a senior researcher at the institute, noted, "There is a clear impact from specific properties (on the sharp rise), and the overall upward trend is continuing."