January 25, 2024Business Desk

Tokyo's average apartment cost exceeded 100 million yen in FY23

The average price of new apartments in Tokyo surpassed 100 million yen annually for the first time in 2023, according to data from the Real Estate Economic Institute.

Source: Pexels

This marked a 39.4% increase from the previous year, pushed the average price to a record 114.8 million yen.

Source: Pexels

The surge in apartment prices is notably fueled by rising labor and construction costs and an influx of foreign investors leveraging the yen's multi-decade low.

Source: Pexels

The 114.8 million yen average price tag signifies that owning an apartment in Tokyo now costs approximately 25 times the country's nationwide salary average of 4.6 million yen.

Source: Pexels