The median price of a newly built condominium unit released for sale in the Greater Tokyo area rose 14.6% in the first half of 2026 from the previous half, to 80.4 million yen, the Real Estate Economic Institute said on August 13. The survey covers Tokyo and the three neighbouring prefectures of Kanagawa, Saitama and Chiba; the median rose by 10.23 million yen from 70.17 million yen in the second half of 2025, marking the seventh consecutive half-year rise.
Prices rose across every area covered by the survey, but not evenly: Chiba recorded the largest increase, with its median climbing 28.4% to 68.68 million yen. The institute attributed the broader rise to higher labour costs — compounded by construction-sector staffing pressure since Japan’s 2024 overtime-rule changes — alongside continued increases in materials and land prices regardless of location.
In Tokyo’s 23 wards specifically, the median reached 121.53 million yen, up 5.7% from the previous half and extending gains to a fifth consecutive period. Of 2,684 units released in the 23 wards, 1,756 — or 65.4% — were priced at 100 million yen or more. Across the wider four-prefecture area, 2,783 units at that price point were released in the first half.
The median exclusive floor area widened 1.0% to 68.97 square metres, ending a two-period decline, driven by a larger supply of big projects in suburban and outlying areas of western Tokyo, Kanagawa and Chiba. The institute noted the median is less affected than the average by unusually large or unusually small units, making it a steadier read on where typical prices are heading.
References
IBTimes JP – Real Estate Economic Institute reports 14.6% rise in Tokyo condo median
