TOKYO - The average price of a new condominium in Tokyo and its three surrounding prefectures topped 100 million yen ($615,000) for the first time in the first half of 2026, reaching a record 101.35 million yen, a research institute said Tuesday.
The average price in Tokyo and the surrounding prefectures of Chiba, Kanagawa and Saitama rose 13.1 percent from the first six months of last year, reflecting rising construction costs and hitting a record high for the second straight year, according to the Real Estate Economic Institute.
By area, the average price in central Tokyo increased 9.1 percent to 142.49 million yen in the January-June period, the highest since comparable data became available in 1973.
Most other areas also marked fresh records, with the average price in Chiba Prefecture soaring 56.8 percent to 89.97 million yen. The figure rose 20.0 percent to 83.46 million yen in Kanagawa Prefecture and 10.5 percent to 75.50 million yen in western Tokyo outside the capital's 23 wards.
However, the price in Saitama Prefecture slid 1.3 percent to 64.69 million yen after a surge in high-priced condo listings in the same period last year, the institution said.
The number of new condos listed for sale in Tokyo and the neighboring prefectures edged down 0.8 percent to 7,989 units, marking a fifth straight first-half decline.
An official at the institution said at a briefing that the average price for Tokyo's 23 wards could reach 200 million yen but not "within the next three or four years at the current pace."
"If inflation persists and wages of condominium buyers, particularly dual-income households, continue to increase steadily, condominium prices could also keep rising as buyers remain willing to pay higher prices," he said.
In June alone, the average price in the wider metropolitan area climbed 10.6 percent from a year earlier to 101.37 million yen, while that in Kanagawa Prefecture surged 50.5 percent to 103.79 million yen.
However, the price in central Tokyo dropped 1.5 percent to 130.13 million yen.
Meanwhile, the number of new condominiums listed for sale in Tokyo and the three surrounding prefectures fell 4.7 percent from a year earlier to 1,564 units in June, marking the first decline since March, the institute said.
