Tokyo, Oct. 20 (Jiji Press)–The average price of new condominiums put up for sale in the Tokyo metropolitan area in April-September rose 21.1 pct from a year earlier to a record 114.94 million yen, Real Estate Economic Institute Co. said Tuesday. The average in the Japanese capital and the neighboring prefectures of Kanagawa, Saitama and Chiba topped 100 million yen for the first time for the fiscal first half. The surge reflected rising construction costs and high-priced units in central Tokyo. In Tokyo’s 23 special wards, the average price soared 34.7 pct to a record 179.25 million yen in the first half of fiscal 2026. The average price fell 1.6 pct to 77.16 million yen in Kanagawa and 2.1 pct to 64.57 million yen in Saitama. Meanwhile, Chiba saw the average price rise 24.1 pct to 73.76 million yen. Factors including soaring prices are making people take more time to decide whether to purchase condominiums, according to the think tank. In the Tokyo metropolitan area in the first half of fiscal 2026, sales contracts were concluded for 62.8 pct of the newly supplied condominiums within the month when they were put up for sale, with the proportion standing below 70 pct for the third straight six-month period. Inventories increased from a year before. Tadashi Matsuda, a senior researcher at the institute, said that activities by potential condominium buyers are slowing down due to rising interest rates. In September alone, the average price fell 4.1 pct from a year earlier to 95.52 million yen in the Tokyo metropolitan area, down for the second consecutive month, due to a lack of supplies in popular areas, except in Chiba. In Tokyo’s 23 special wards, the average rose 1.3 pct to 139.4 million yen. END [Copyright The Jiji Press, Ltd.]
