July high-end launches lift Greater Tokyo new condo prices to record level
- Adam German
- 9 hours ago
- 2 min read
The average price of a new condominium released for sale in the Greater Tokyo Area reached a record ¥164.93 million in July, but the sharp increase was heavily influenced by a concentration of high-priced launches in the central six wards of Tokyo.
The GTA average was 63.7% higher than a year earlier, while the average price per square meter rose 50.8% to a record ¥2.369 million, according to data released by the Real Estate Economic Institute on August 2oth.
Almost half of all new condominiums released during the month were priced at ¥100 million or more.
Of the 2,145 units launched across Greater Tokyo, 988 were priced above that level. This included 534 units priced from ¥100 million to ¥200 million, 152 from ¥200 million to ¥300 million, and 302 at ¥300 million or more.
The concentration was particularly striking in Tokyo's 23 wards.
Of the 1,028 units released there, 845 were priced at ¥100 million or more. The average new-condominium price in the 23 wards reached ¥265.20 million, with an average price per square meter of ¥3.638 million.
The effect was even stronger in Tokyo's six central wards of Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya.
A total of 440 units were released there during July at an average price of ¥436.99 million and ¥5.561 million per square meter.
A year earlier, the averages were ¥190.04 million and ¥2.737 million per square meter.
The July headline therefore reflects the composition of new supply as much as a broad increase in Greater Tokyo condominium prices.
Outside Tokyo, market conditions were considerably less uniform.
Kanagawa recorded 574 new launches and an 85.4% first-month contract rate, while Chiba recorded 218 launches and a 75.2% contract rate.
Saitama moved in the opposite direction. Its average new-condominium price fell to ¥59.37 million, while the first-month contract rate was just 29.8%.
Across Greater Tokyo as a whole, 2,145 units were released during July, up 6.9% from a year earlier and 37.1% from June.
The first-month contract rate improved to 69.5%, up from 62.5% in June and 68.0% a year earlier.
In Japan's new-condominium market, an initial contract rate of around 70% or higher is commonly regarded as an indication of a healthy market with solid buyer appetite.
July's 69.5% result therefore brought Greater Tokyo back close to that benchmark despite the unusually expensive mix of new supply.
Demand for high-rise developments was considerably stronger. Projects of 20 floors or more accounted for 731 units across 22 developments and recorded an 84.8% contract rate, comfortably above the 70% level and up from 78.0% a year earlier.
The regional figures also underline how uneven buyer appetite remains. Kanagawa and Chiba both exceeded the 70% benchmark, while Saitama's 29.8% contract rate pointed to much weaker absorption.
Available inventory nevertheless continued to increase, reaching 6,597 units at the end of July, compared with 6,389 at the end of June and 5,940 a year earlier.
July's record Greater Tokyo average therefore says less about a uniform surge in new-condominium prices across the region than it does about the growing weight of ultra-high-priced central Tokyo projects within new supply.
Further Reading:
Real Estate Economic Institute’s July 2026 New Condo Trend Report (Japanese only)
