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Published Jan 25, 2024 12:37AM ET
© Reuters. FILE PHOTO: High-rise buildings under construction are seen at dusk in Tokyo, Japan November 30, 2023. REUTERS/Issei Kato/File Photo
TOKYO (Reuters) – The price of new apartments in Tokyo leapt to a record 114.8 million yen ($777,093) in 2023, pushed up by rising labour and construction costs as well as an influx of foreign investors on back of the yen’s slide to a multi-decade low.
The average price of newly built apartments in Japan’s capital rose 39.4% from the previous year, the Real Estate Economic Institute said on Thursday.
($1 = 147.7300 yen)
Average price of new Tokyo apartment jumps in 2023, sets record
