Median New-Build Condo Price in Tokyo's 23 Wards Hits ¥121.53m: 65.4% of Units Released Cost Over ¥100m
- The median price of a new-build condominium in Tokyo's 23 wards reached ¥121.53m in the first half of 2026, up 5.7% from ¥114.94m in the previous half — its first time above ¥120m and a fifth consecutive period of growth.
- That is 10.4% above the same half last year (¥110.1m) and 80.9% above the first half of 2021 (¥67.18m). The pre-pandemic 2019 comparison is not carried in the source and we do not estimate it.
- Of 2,684 units released in the 23 wards during the half, 1,756 — 65.4% — were priced above ¥100m. Nine-figure apartments are now the majority of central Tokyo supply, not the exception.
- The gap between median and average stands at ¥20.96m. It was only ¥13.91m in the second half of 2022, blew out to ¥45.72m in the first half of 2023 as ultra-expensive central units came to market, and has since settled just above ¥20m.
- Floor area turned around: the Greater Tokyo median rose 1.0% to 68.97 sq m and the average 1.8% to 66.93 sq m, both expanding for the first time in two periods, which the publisher attributes to larger projects in western Tokyo, Kanagawa and Chiba.
The median new-build condominium in Tokyo's 23 wards cost ¥121.53m in the first half of 2026, up 5.7% from ¥114.94m in the previous half — the first reading above ¥120m and a fifth consecutive period of growth. It is up 10.4% on the same half last year (¥110.1m) and 80.9% on the first half of 2021 (¥67.18m). The 2019 pre-pandemic figure is not in this release, and we do not estimate it.
The supply mix explains the number. Of 2,684 units released in the 23 wards, 1,756 — 65.4% — were priced above ¥100m. The nine-figure apartment is no longer a headline; it is the market.
The gap between median and average is the other clue. The average for the half was ¥142.49m, ¥20.96m above the median. That gap was ¥13.91m in late 2022, blew out to ¥45.72m in the first half of 2023 when ultra-expensive central units came to market, then settled at ¥20.54m, ¥24.38m and now ¥20.96m. It is no longer widening, nor has it returned to 2022 levels — the top still lifts the average, while the median has lately climbed faster, which is what price growth spreading downward looks like.
Floor space turned around: the Greater Tokyo median expanded 1.0% to 68.97 sq m and the average 1.8% to 66.93 sq m, both growing for the first time in two periods, on the back of larger suburban projects outside the centre. Note the median exceeds the average — compact, expensive central units drag average size down.
