Prices of condominium units in the Tokyo Metropolitan area hit a record high for the second consecutive year in 2022.

Strong housing demand and more expensive construction materials helped push prices higher.

The Real Estate Economic Institute says the average price of a new unit put up for sale in Tokyo and its three neighboring prefectures last year was 62.88 million yen. That's around 485,000 dollars.

That marked an increase of 0.4 percent in yen terms from the year before, when the region's condo prices hit an all-time high.

The 2021 figure exceeded the previous record set in 1990 during Japan's asset-price bubble.

Officials at the research firm predict prices will rise this year as well. They say construction costs continue to increase, while sales are likely to grow in pricy areas of central Tokyo.