Tokyo Metro Condo Average Breaks Yen100 Million In First Half

Tokyo-area new condominium pricing reached a record first-half level, with the metropolitan average crossing Yen100 million while supply stayed near historic lows.

The Average Price Set A Record

Real Estate Economic Institute data put the Tokyo metropolitan average above Yen100 million for the first time in a January-June period. Tokyo's 23 wards remained far higher, while Chiba also jumped because of high-priced supply in Funabashi.

Supply Is Still Tight

First-half supply remained below 10,000 units for a third consecutive year and was among the lowest on record. High land prices, construction costs and limited central sites are pushing developers toward fewer but more expensive launches.

Contract Rates Temper The Headline

High average prices do not automatically mean effortless absorption. The first-month contract rate sat below the conventional strong-market benchmark, showing that buyers are more selective even as headline prices rise.

Buyer Checks

Purchasers should compare station access, developer reputation, completion timing, monthly management fees, repair reserves, resale depth and whether the project average is distorted by a few luxury units. Chiba and Kanagawa need separate pricing assumptions from central Tokyo.

Outlook

Tokyo's new-condo market is likely to stay expensive while supply is scarce, but buyer resistance is visible. Projects with practical transport access and manageable running costs should hold demand better than prestige-priced stock.

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