[HIGHLIGHTS] Last year's average price of newly built condominiums was 59.11 million yen, a record high for 7 consecutive years

Average price per unit of newly built condominiums sold nationwide last year was 59.11 million yen. It rose 15.4% from the previous year, setting a new record high for the seventh consecutive year.

Research firm said construction costs have increased due to soaring material prices, and the average price per units sold in Tokyo's 23 wards over the past year has exceeded 100 million yen for the first time. The trend of high prices is expected to continue because construction costs will continue to be high and demand for convenient properties is solid.