New condominiums in the Tokyo region became more expensive again in the first half of Japan's 2026 fiscal year. The Real Estate Economic Institute (REEI), a Tokyo research firm that tracks new-build flats, published its figures for April to September on 20 October. Its survey area is Tokyo, Kanagawa, Saitama and Chiba prefectures.

The average price of a new condo released for sale in the region was ¥114.94 million a unit, 21.1% higher than in the same half of 2025. REEI says it is the first time the first-half average has passed ¥100 million, and that both the average price and the price per square metre set records for a fourth year in a row. The average price per square metre was ¥1.70 million, up 18.8%. REEI links the rise to new supply of large, high-priced flats in Tokyo's 23 wards and to rising construction costs.

In the 23 wards, the average new condo cost ¥179.25 million, up 34.7%. Developers released 3,313 units there, 7.9% fewer, and 64.3% sold in the month of release. Across the region, 8,601 units were released in the half, 6.0% fewer than a year earlier. The share sold in the month of release, known as the initial contract rate, was 62.8%, up 0.9 percentage points.

September on its own looked weaker. Supply fell 40.1% from a year earlier to 1,142 units, and the initial contract rate dropped 4.0 points to 50.4%. The regional average price was ¥95.52 million, down 4.1%, the second monthly fall in a row. Unsold stock at the end of September stood at 6,775 units, up for a fourth consecutive month.

The resale market moved differently. East Japan REINS, the broker listing network, reported that resale condos in the 23 wards fell 0.9% per square metre in September from a year earlier, to ¥1.30 million, the second month in a row of annual decline. Contracts dropped 30.6% to 1,385. The two series measure different things. REEI averages the prices of newly built flats offered for sale, so its figure depends on which projects reach the market, while REINS records agreed prices on existing homes sold through brokers.

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Sources read 21 October 2026.