REAL ESTATE & TOURISM
Tokyo-Area New Condo Prices Soared 17.4% to a Record ¥91.8 Million in 2025
# Tokyo new condo prices# Japan real estate 2025# Fudosan Keizai Institute# housing market
Key Points
- 2025 average new-condo price in Greater Tokyo: ¥91.82M, up 17.4% — first year above ¥90M
- Tokyo's 23 wards averaged ¥136.13M; the central 6 wards neared ¥200M
- Construction costs, land prices and high-end demand (foreign capital, dual-income professionals) drove the surge
Analysis
¥91.82M, up 17.4% in one year: this report formally ends the era of the 'ordinary household' new condo in Greater Tokyo. At ¥136M average in the 23 wards, demand is being pushed into three exits — the used market (the root of its 72-month rally), the suburban fringe (2026's big-project wave in Hachioji, Funabashi, Warabi), and rentals. Note the cost-push nature of the rise: whether 2026's higher supply gets absorbed is the bubble test to watch.
