TOKYO: 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.

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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.