The average price of new condominiums in the Tokyo metropolitan area surpassed ¥100 million for the first time in the first half of 2026, the Real Estate Economic Institute said Tuesday.
The figure rose 13.1% from a year before to ¥101.35 million, according to the institute’s data that covered Tokyo and the three neighboring prefectures of Saitama, Kanagawa and Chiba.
In the capital’s 23 wards, the average price rose 9.1% to a record high of ¥142.49 million, marking the fourth consecutive year that prices exceeded ¥100 million in the January-June period.
In Chiba, the average jumped 56.8% to ¥89.97 million, also a record high, boosted by sales of high-priced condominiums in the city of Funabashi. The rest of Tokyo and Kanagawa also posted record-high average prices, while Saitama saw its average edge down slightly.
Soaring construction costs and a shortage of land in Tokyo’s 23 wards have led to an increase in new condominium supply in areas around central Tokyo, boosting the popularity of the locations.
“Even if prices ease somewhat in the autumn, they are likely to remain close to ¥100 million,” Tadashi Matsuda, a researcher at Real Estate Economic Institute, said of levels in the Tokyo metropolitan area.
In the first half, the number of condominium units supplied in the area fell 0.8% from a year earlier to 7,989 units, the second-lowest level on record. It was the third consecutive year that first-half supply remained below 10,000 units.
