Japan real estate: Tokyo condo prices dip while metropolitan averages hit record highs

Recent real estate data reveals diverging trends in the Japanese housing market. In Tokyo's 23 wards, the average price for used condominiums fell for the second consecutive month in July, reaching 127.24 million yen. This decline is particularly notable in central areas like Minato Ward, where prices dropped 1.7% to 181.95 million yen, as sellers lower prices to attract buyers amid high costs.

Conversely, the average price for properties across the Tokyo metropolitan area (one prefecture and three neighboring prefectures) reached a record high of 75.47 million yen, a 28.9% increase compared to the previous year. Experts suggest that while central Tokyo is undergoing a price adjustment phase, demand remains resilient in surrounding regions.

In Saitama Prefecture, new condominium data from LIFULL HOME’S shows varying regional trends. Niiza City, which has seen a surge in condominium supply near Shiki Station, maintains an average price of 65.98 million yen. This sits between Wako City, which has the highest average price in the local comparison at 71.39 million yen, and Asaka City, which recorded the lowest average at 51.64 million yen.