The average unit price of a new condominium in Tokyo's 23 central wards in the first six months of 2023 soared to a record high 129.6 million yen ($930,000) due largely to high material prices and construction costs, a research institute said Thursday.

The price rose 60.2 percent compared to the January-June period a year earlier, exceeding the previous record set in 1991 of 97.38 million yen and surpassing 100 million yen for the first time on the first-half basis, according to the Real Estate Economic Institute.

The result was also affected by some high-value property sales, including units directly linked to a train station in Minato Ward, it said.

The average for the capital and the three surrounding prefectures of Chiba, Kanagawa and Saitama for the same period also hit a record high 88.73 million yen, up 36.3 percent.

"While demand, which rose during the COVID-19 pandemic as people spent more time at home, has waned, condominium prices may continue gradually rising due to higher construction costs," the institute said.

The number of new condominiums listed for sale in Tokyo and the neighboring prefectures in the same period fell 17.4 percent to 10,502 units, the second straight yearly fall, while those in Tokyo's 23 central wards dropped 9.0 percent to 4,902 units.

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