Tokyo Wards New Condo Average Above Yen142 Million Narrows Buyer Pool

Tokyo condominium affordability tightened again as first-half new-build prices in the 23 wards stayed far above ordinary household budgets.

New Build Level

Recent market summaries based on Real Estate Economic Institute data put the average new condominium price in Tokyo's 23 wards at about JPY142.49 million in the first half of 2026, up 9.1 percent from a year earlier. Greater Tokyo also crossed JPY100 million for the first time in a half-year period.

Resale Contrast

REINS July data cited in the same market review showed resale prices per square metre in the 23 wards rising while contract volumes across Greater Tokyo fell and unsold stock increased. That means high prices are meeting more selective demand rather than unlimited absorption.

Who Is Affected

End users in Minato, Chiyoda, Shibuya, Shinjuku and other central wards must choose between smaller units, older resales or outer locations. Investors face lower yield tolerance when acquisition prices rise faster than rents. Developers can still sell scarce central supply, but buyer depth narrows.

Diligence Checks

Purchasers should compare building age, management reserve, earthquake standard, station distance, lease demand, resale stock, floor plan efficiency, repair history and monthly carrying costs. A central ward address does not remove price discipline.

Outlook

Tokyo's central condo market can stay expensive while supply is scarce, but weaker transaction volume shows buyers are becoming more selective about layout and building quality.

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