Tokyo 23 Wards New Condo Prices Soar to 163 Million Yen - Greater Tokyo Area Supply Up 12%A · FULL TRANSLATION
- Central Tokyo 23 wards new unit prices soared to 162.86 million yen per unit (up 15.9%) in May 2026, far above the Greater Tokyo Area average of 166 million yen
- Total units sold increased by 12.3% year over year for two consecutive months at a total of 1,447 units (up 11.4% per sqm for thirteen consecutive months)
- Geographical disparity: Central Tokyo 551 units average 163 million yen; Chūō-ku 148 units average 84.54 million yen; Kanagawa Prefecture 284 units at 71.30 million yen, Saitama Prefecture 104 units at 55.79 million yen, and Chiba Prefecture 360 units costing 72.08 million yen each
- Unique perspective: Comparing sqm price gives a more accurate reflection of property value than average unit price; Central Tokyo 23 wards sqm price increased by 16.2% for thirteen consecutive months, while the true top was Chūō-ku's 321 thousand yen/sqm - equivalent to about 10.6 million yen per tsubo (3.3 sqm)
- Practical advice: Use sqm price as your primary metric; 1 billion yen is a benchmark typically only found in central wards and city center areas, while the outer three prefectures' sqm prices are around half that of the central area
Real Estate Economic Institute reports that in May 2026, new condominium prices in the central Tokyo (23 wards) reached an average of 162.86 million yen per unit, up 15.9% from the previous year, far surpassing the Greater Tokyo Area’s overall average of 166 million yen. The number of units sold increased by 12.3%, marking two consecutive months of growth to a total of 1,447 units (up 11.4% per square meter for thirteen consecutive months). Initial contract rate stood at 64.9%, up 7 percentage points year over year, above the economic recession line.
Why Taiwanese readers should care: The data from Real Estate Economic Institute in May 2026 clearly shows that while the overall Greater Tokyo Area average is around 166 million yen per unit, central Tokyo (23 wards) has surged to an astonishing 162.86 million yen per unit (up 15.9% year over year). This large discrepancy indicates a significant price gap between these areas, which can mislead readers about the true cost of property in certain zones.
Key data breakdown: A total of 1,447 units were sold in May, up 12.3% from last year and two consecutive months on the rise. The average unit price was 166 million yen, a 13.5% increase from the previous year; while the per square meter (sqm) price increased to 156.3 thousand yen, a 11.4% growth over last year, marking thirteen consecutive months of upward trend. The initial contract rate rose to 64.9%, an increase of 7 percentage points from the previous year.
Geographic disparity: Central Tokyo (23 wards) saw 551 units sold with an average price of 163 million yen per unit and a sqm price of 245.5 thousand yen, both showing double-digit growth for the third consecutive month. In contrast, Chūō-ku (central ward) saw 148 units at 84.54 million yen, Kanagawa Prefecture with 284 units priced at 71.30 million yen, Saitama Prefecture with 104 units at 55.79 million yen, and Chiba Prefecture with 360 units costing 72.08 million yen each.
A unique methodology: Comparing sqm prices is more accurate than average unit price for gauging property value in Tokyo. Average prices are skewed by the size of individual properties, while sqm prices directly reflect per square meter costs without interference from property sizes. Central Tokyo (23 wards) showed a 16.2% year-on-year increase in sqm prices and the true top was Chūō-ku's 321 thousand yen/sqm, equivalent to approximately 10.6 million yen per tsubo (3.3 sqm). Kanagawa, Saitama, and Chiba Prefectures' sqm prices were around half of that in central Tokyo.
For Taiwanese readers: First, use the sqm price as your primary metric for valuation; second, 1 billion yen is a benchmark typically only found in the central wards and city center areas. The outer three prefectures (Kanagawa, Saitama, Chiba) have sqm prices around 40-50% of the central area's. With limited budgets, consider expanding to the outer areas where you could save up to half on your total cost. Third, a thirteen consecutive month increase in sqm price is strong but remember that this measures new units' selling prices and not resale prices; be aware of the difference between new construction and pre-owned properties.
What to watch next: Whether the 13-month upward trend continues into the 14th month, given weak yen and rising interest rates; how central Tokyo's price gap compared with the outer three prefectures changes; and if initial contract rates can hold steady at around 70% for June (Real Estate Institute forecast about 1500 units to be sold).
