Average Condominium Price in Central Tokyo Tops ¥100 Million for Second Straight Year

The average price of a condominium in the 23 municipalities of central Tokyo was ¥111.8 million in 2024, according to the Real Estate Economic Institute based in the capital. This was a 2.6% year-on-year decline, but the figure remained firmly above ¥100 million as the cost of both labor and materials rose. A total of 8,275 units were sold, a decrease of 30.5% from 2023.

In the Tokyo metropolitan area as a whole—including the prefectures of Tokyo, Kanagawa, Saitama, and Chiba—the average price for a new condominium dropped by 3.5% to ¥78.2 million. The major drop in sales in central Tokyo brought the overall average down, but prices rose across the board in western Tokyo (up 8.9% to ¥58.9 million), Kanagawa (up 6.0% to ¥64.3 million), Saitama (up 13.8% to ¥55.4 million), and Chiba (up 18.9% to ¥56.9 million).

The number of units sold throughout the Tokyo metropolitan area fell by 14.4% year on year to 23,003, reaching its lowest point since records began in 1973. The number of units priced at ¥100 million or higher dropped by 526 year on year, to 3,648.

Some 26,000 units are forecast to be sold in 2025, a rise of 13.0%, with high costs for construction and labor expected to keep prices elevated.

(Translated from Japanese. Banner photo © Pixta.)