A new condo complex being built in Chiba prefecture: The average price of a new unit in the prefecture soared 56.8% to 89.97 million yen in the first half of the year. (Photo by Taro Unno)TOKYO (Kyodo) -- The average price of a new condominium in Tokyo and its three surrounding prefectures topped 100 million yen ($615,000) for the first time in the first half of 2026, reaching a record 101.35 million yen, a research institute said Tuesday.The average price in Tokyo and the surrounding prefectures of Chiba, Kanagawa and Saitama rose 13.1% from a year earlier amid rising construction costs, according to the Real Estate Economic Institute.By area, the average price in central Tokyo increased 9.1% to 142.49 million yen in the January-June period, the highest since comparable data became available in 1973.Most other areas also marked fresh records, with the average price in Chiba Prefecture soaring 56.8% to 89.97 million yen. The figure rose 20.0% to 83.46 million yen in Kanagawa Prefecture and 10.5% to 75.50 million yen in western Tokyo outside the capital's 23 wards.However, the price in Saitama Prefecture slid 1.3% to 64.69 million yen.
The number of new condos listed for sale in Tokyo and the neighboring prefectures edged down 0.8% to 7,989 units, marking a fifth straight first-half decline.In June alone, the average price in the wider metropolitan area climbed 10.6% from a year earlier to 101.37 million yen, while that in Kanagawa Prefecture surged 50.5% to 103.79 million yen.However, the price in central Tokyo dropped 1.5% to 130.13 million yen.Meanwhile, the number of new condominiums listed for sale in Tokyo and the three surrounding prefectures fell 4.7% from a year earlier to 1,564 units in June, marking the first decline since March, the institute said.
