The average price of new condominiums put up for sale in the Tokyo metropolitan area reached a record 114.94 million yen in the April to September 2026 period. That was up 21.1 percent from a year earlier, according to the Real Estate Economic Institute.
The figure covers units offered for sale rather than contracts signed, so it can differ from the half-year averages published for Greater Tokyo earlier in the year. Both measures point in the same direction: new-build prices are climbing faster than wages in the capital.
What is behind the climb
Developers face higher construction costs and a shortage of central land, which keeps new supply limited and pushes prices up. Strong demand from domestic buyers and overseas buyers keeps the pressure on, particularly for prime central-Tokyo homes.
For buyers and investors, the rise matters because it changes affordability across the region. Our Real Estate section tracks the latest data, and Economy covers the wider price backdrop.
Source: Jiji Press via nippon.com, 20 October 2026, citing the Real Estate Economic Institute.
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