TOKYO (Kyodo) -- The average price of new condominiums released last year in central Tokyo topped 100 million yen ($639,000) for the second year in a row, as costs for building materials remained high, real estate research firm data showed Thursday.

But the price was slightly lower than the previous year, falling by 2.6 percent to 111.81 million yen per unit in the capital's 23 wards, the Real Estate Economic Institute said.

By area, the average price of new condos rose 8.9 percent to 58.9 million yen in Tokyo outside its 23 wards, 13.8 percent to 55.4 million yen in Saitama Prefecture, 18.9 percent to 56.9 million yen in Chiba Prefecture, and 6.0 percent to 64.3 million yen in Kanagawa Prefecture.

However, the drop in prices in the 23 wards saw the average price decline 3.5 percent to 78.2 million yen in the greater Tokyo.

"There were no new super-high-end properties actively sought out by wealthy buyers, but rising costs pushed up the overall prices," said an official of the research firm.

The number of new condominiums put on sale last year in the capital and the surrounding three prefectures dropped 14.4 percent from the year before to 23,003 units, hitting the lowest level since records began in 1973, the institute said.

The figure declined by about 30 percent in the 23 wards amid the introduction of caps on overtime work hour in the construction industry, which has led to extensions of construction periods.

While prices for the 23 wards are expected to climb again this year to exceed those of 2023 due to large-scale luxury properties scheduled to go on sale, the impact of rising living costs is expected to drag down prices in Chiba, Kanagawa and Saitama prefectures, the institute said.

Around 26,000 units are expected to be released this year in central Tokyo, returning to 2023 levels, it said.

Average new condo prices in central Tokyo exceeded 100 million yen per unit for the first time in 2023.