TOKYO — Condominiums in the Tokyo metropolitan area are becoming more expensive as investment targets, zooming past even U.S. stock market darling Nvidia to log a record-high price-earnings ratio of nearly 30 for 2024.

P/E ratio is used mainly in stock investing to gauge whether a company’s shares are overvalued or undervalued. The forward P/E ratio — stock price divided by expected earnings per share — shows how many times expected profits a stock is being bought at.