Tokyo condominium prices hit record 265 million yen in July

The average unit price of new condominiums in Tokyo’s 23 special wards surged 96 percent year-on-year to a record 265.2 million yen in July, according to data from the Real Estate Economic Institute.

This increase follows a previous record of 217.5 million yen set in March 2023. The surge was driven largely by high-end properties in areas such as Minato Ward, where luxury developments averaged approximately 500 million yen, and a large-scale property in Kita Ward with an average price of 150 million yen.

Broader trends in the Tokyo Metropolitan Area, including Kanagawa, Saitama, and Chiba prefectures, showed a 63.7 percent increase, reaching a record average of 164.93 million yen. Market analysts attribute the rising costs to labor shortages, climbing raw material expenses, and limited inventory of luxury high-rise developments. Despite the high prices, the initial-month contract rate for July was 69.5 percent, indicating steady buyer interest in premium properties.