The average unit price of new condominiums put up for sale in Japan in 2023 was ¥59.11 million, up 15.4% from the previous year and hitting a record high for the seventh consecutive year, according to Real Estate Economic Institute.

The nationwide average price was pushed up by rising costs for construction materials and labor, as well as a number of ultraluxury properties in central Tokyo, the institute said Wednesday. The research firm predicts that condominium prices will remain on an upward trend amid rising costs.

In the Tokyo metropolitan area, which includes Tokyo and the neighboring prefectures of Kanagawa, Saitama and Chiba, the average price stood at ¥81.01 million, up about 30%.