Average prices for new condominiums in the Greater Tokyo area reached 101.35 million yen in the first half of 2026 [1].

This milestone marks the first time the average price has surpassed the 100 million yen threshold. The trend signals a deepening affordability crisis for homebuyers in Japan's capital region as costs continue to climb.

Data from the Real Estate Economic Research Institute shows that the average price for new apartments in Tokyo's 23 wards hit a record high of 142.49 million yen [1]. While some reports cite the average for the 23 wards as 142.8 million yen [2], the figure consistently indicates a peak in the market.

Price surges were not limited to the city center. In Chiba Prefecture, the average price of new condominiums reached 89.97 million yen [1]. This represents a 56.8% increase compared to the previous year [1].

The institute said the price hikes were due to a combination of labor shortages and the rising cost of materials, which have driven up overall construction expenses [1]. These costs have forced developers to concentrate sales in high-demand areas to maintain margins, further inflating prices in those sectors [1].

Regarding the future of the market, the Real Estate Economic Research Institute said, "Construction costs continue to rise, and this high level is expected to persist."

This trajectory follows a pattern of consecutive record highs for the region, as the gap between luxury developments and affordable housing widens across the metropolitan area [1].

“Average prices for new condominiums in the Greater Tokyo area reached 101.35 million yen.”

The breach of the 100 million yen average indicates that new residential real estate in Greater Tokyo is transitioning from a mass-market product to a luxury asset. With construction costs remaining high and supply concentrating in premium zones, middle-class buyers may be increasingly pushed toward the used housing market or further into the suburbs, potentially accelerating urban sprawl in prefectures like Chiba.