Tokyo’s Average Condo Price Hits New Record High in 2025

Tokyo, Jan. 26 (Jiji Press)–The average price of newly supplied condominiums in Tokyo’s densely populated 23 wards rose 21.8 pct from the previous year to 136.13 million yen in 2025, hitting a new record high and staying above 100 million yen for the third consecutive year, industry data showed Monday. In the greater Tokyo area, which includes Kanagawa, Saitama and Chiba prefectures, the average condominium price climbed 17.4 pct to 91.82 million yen, topping 90 million yen for the first time, according to Real Estate Economic Institute Co. The new record figures reflect rising construction costs, including material and labor costs. In the six central Tokyo wards, including Chiyoda and Minato, the average price increased 20.2 pct to 195.03 million yen, approaching the record high of 226.62 million yen, set in 1990 amid Japan’s asset-driven bubble economy. Meanwhile, Kanagawa logged 71.65 million yen, up 11.4 pct, followed by Saitama with 64.20 million yen, up 15.8 pct, and Chiba with 58.42 million yen, up 2.7 pct. In the Tokyo area, the supply of new condominiums dropped 4.5 pct to 21,962 units, the lowest figure since 1973, but the number of those priced over 100 million yen jumped 55.4 pct. The two highest-priced units, both at 2.5 billion yen, were located in Tokyo’s Minato and Shinjuku wards. Real Estate Economic Institute projected the new condominium supply to increase 4.7 pct in 2026. “Construction costs are not expected to fall, but their rise is likely to pause for now,” said Tadashi Matsuda, senior researcher of the institute. END [Copyright The Jiji Press, Ltd.]