Average Condominium Price in Central Tokyo Tops ¥100 Million

Without winning the lottery, it is nearly impossible for an average person to buy a new condominium in one of the 23 municipalities of central Tokyo. According to the Tokyo-based Real Estate Economic Institute, the average price for a condominium unit in central Tokyo was ¥114.8 million in 2023, a year-on-year increase of 39.4%. This marked the first time for the average to surpass ¥100 million, far exceeding the average of ¥86.7 million reached in 1991, at the tail-end of the bubble economy. The average price of land per square meter rose year on year by 34.1% in 2023, to ¥1.73 million. The supply of high-end condominium units rose in central Tokyo last year against the backdrop of rising land prices, swelling construction costs, and strong demand among the wealthy. A showcase example of this trend is the Mita Garden Hills condominium complex, where a 376.50 square meter unit sells for ¥4.5 billion.

In the Tokyo metropolitan area as a whole—including the prefectures of Tokyo, Kanagawa, Saitama, and Chiba—the average price for a new condominium unit set a record high for the third consecutive year, rising by 28.8%, to ¥81.0 million. Demand was robust even outside of central Tokyo, backed by dual-income households earning high salaries, with the average price per unit rising 12.2% in Kanagawa to ¥60.7 million, 4.0% in Chiba to ¥47.9 million, and 3.7% in western Tokyo to ¥54.3 million.

The number of units sold in the Tokyo metropolitan area fell by 9.1% year on year, to 26,886, remaining below 30,000 units for the second consecutive year. However, the number of units priced at ¥100 million or higher rose by 1,683 year on year, to 4,174.

(Translated from Japanese. Banner photo © Pixta.)