Tokyo-area new condo average price tops 100 million yen for April-September, up 21.1%
In short
The Real Estate Economic Institute (不動産経済研究所) said on 20 October that the average price of a new condominium sold in the Tokyo metropolitan area in April-September 2026 was 114.94 million yen, up 21.1% from a year earlier. It is the first time a fiscal-year first half has passed 100 million yen. Tokyo's 23 wards averaged 179.25 million yen, while Saitama and Kanagawa prices fell.
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The Real Estate Economic Institute (不動産経済研究所) said on 20 October that new condominiums sold in the Tokyo metropolitan area, meaning Tokyo and three prefectures, averaged 114.94 million yen per unit in the first half of fiscal 2026 (April-September). That was up 21.1% from a year earlier and the first time a fiscal-year first-half average has topped 100 million yen. [ 1 , 2 , 3 , 5 ]
Tokyo Shimbun, Sankei Shimbun and Nishi-Nippon Shimbun said the metropolitan average set a record for the fourth year in a row and that higher construction costs, driven by rising material prices and labour shortages, pushed it up. Asahi Shimbun instead said Tokyo's 23 wards set a first-half record for the fourth consecutive year, and cited higher land and construction costs. [ 1 , 2 , 3 , 5 ]
By area, Tokyo's 23 wards averaged 179.25 million yen, up 34.7%. Chiba Prefecture rose 24.1% to 73.76 million yen, the next-largest increase. Tokyo outside the 23 wards rose 15.9% to 79.78 million yen. Saitama Prefecture fell 2.1% to 64.57 million yen and Kanagawa Prefecture fell 1.6% to 77.16 million yen. [ 1 , 2 , 3 , 5 ]
Asahi Shimbun said the rises in the 23 wards and in Chiba reflected large-scale supply, including tower condominiums, in Chuo Ward and in the Funabashi area. It reported that metropolitan-area supply fell 6.0% from a year earlier to 8,601 units, the second-lowest in its comparison, and the 23 wards fell 7.9% to 3,313 units, which it linked to rising construction costs. [ 5 ]
Asahi Shimbun also reported that unsold inventory in the metropolitan area stood at 6,775 units at the end of September, 896 more than a year earlier, and that interest-rate rises were affecting inventory. Matsuda (松田忠司), a senior researcher at the institute, was quoted as saying that buyers have become less active because of higher interest rates, but that given costs prices will probably keep rising gradually. Supply of leasehold-land condominiums in April-September rose 4% to 708 units. [ 5 ]
Why it matters
Outlets attribute the rise to higher construction costs from rising material prices and labour shortages. Asahi Shimbun reports that rising interest rates are slowing buyers and unsold inventory is growing, while an institute researcher expects prices to keep rising gradually.
Key facts
- The average price per new condominium in the Tokyo metropolitan area (Tokyo and three prefectures) in April-September 2026 was 114.94 million yen, up 21.1% year on year. [ 1 , 2 , 3 , 5 ]
- It is the first time a fiscal-year first-half average has exceeded 100 million yen. [ 1 , 2 , 3 , 5 ]
- Tokyo's 23 wards averaged 179.25 million yen, up 34.7%; Chiba Prefecture rose 24.1% to 73.76 million yen. [ 1 , 2 , 3 , 5 ]
- Tokyo excluding the 23 wards rose 15.9% to 79.78 million yen. [ 1 , 2 , 3 ]
- Saitama Prefecture fell 2.1% to 64.57 million yen and Kanagawa Prefecture fell 1.6% to 77.16 million yen. [ 1 , 2 , 3 , 5 ]
- Asahi Shimbun reported that metropolitan-area supply fell 6.0% to 8,601 units, the second-lowest on its comparison, and that unsold inventory at the end of September was 6,775 units, up 896 from a year earlier. [ 5 ]
Confirmed by several sources
- The Real Estate Economic Institute announced on 20 October that the April-September 2026 average new condominium price in the Tokyo metropolitan area was 114.94 million yen, up 21.1% year on year and the first first-half figure above 100 million yen. [ 1 , 2 , 3 , 5 ]
- Tokyo's 23 wards averaged 179.25 million yen (up 34.7%), Chiba rose 24.1% to 73.76 million yen, Saitama fell 2.1% to 64.57 million yen and Kanagawa fell 1.6% to 77.16 million yen. [ 1 , 2 , 3 , 5 ]
Still unclear
- Which series set a fourth consecutive record high. Kyodo-based reports in Tokyo Shimbun, Sankei Shimbun and Nishi-Nippon Shimbun say the metropolitan-area average set a record for the fourth year in a row, while Asahi Shimbun says Tokyo's 23 wards did so.
- The main cause of the rise. Tokyo Shimbun, Sankei Shimbun and Nishi-Nippon Shimbun cite higher construction costs from material prices and labour shortages; Asahi Shimbun cites land and construction costs and also large tower-condominium supply in Chuo Ward and the Funabashi area.