Japan’s Most Expensive Condominiums2026 Price Rankings as Tokyo-Area New Builds Average Over ¥100 Million

“Okushon” — a condominium costing ¥100 million or more — no longer sounds exceptional. According to the Real Estate Economic Institute, the average price of new condominiums released in greater Tokyo in the first half of 2026 was ¥101.35 million, the first time a half-year average has topped ¥100 million^[1].

So how much does Japan’s most expensive condominium cost? This article covers (1) the market as a whole, (2) record prices that have been reported, (3) the priciest homes on sale now and (4) beyond Tokyo. Each figure comes from a different kind of source — planned prices, insiders’ accounts — so I note how solid each one is.

1. The short version

• The highest reported price is about ¥20 billion. It is the 64th-floor penthouse at Azabudai Hills Residence in Tokyo, reported in 2023 as “about ¥20 billion and already sold”. It is not an official figure; it came from real estate insiders^[3].
• The priciest home on sale now is ¥800 million (planned). In October 2026 listings for greater Tokyo, Park Court Ochanomizu The Tower in Bunkyo ward shows a top price of ¥800 million (planned)^[2].
• Even the average is over ¥100 million. The greater Tokyo average is ¥101.35 million, and ¥142.49 million in the 23 wards — both half-year records^[1].

2. The market: an average of ¥100 million

The institute’s figures for the first half of 2026, by area^[1]:

Note how few units were released: 7,989. That is the fifth straight first-half decline and about a sixth of the first half of 2000 (46,816)^[1]. Fewer homes are being built, and those that are skew toward expensive central sites — which pushes the average up. Chiba’s 56.8% jump came from high-rise projects in popular areas, the institute says.

Another shift is the rise of fixed-term leasehold condominiums: instead of buying the land, owners lease it for a fixed term of 50 years or more, which keeps prices lower for the same location. Supply in the first half of 2026 was 886 units, up from 634, and may exceed 2,000 for the year^[1].

What ¥100 million buys is shrinking too. Toyo Keizai, citing the research firm Total Brain, reported 6,772 new homes averaging ¥100 million or more in greater Tokyo in 2025, and that ¥100 million once bought “102 m² in Minato” but now buys “66 m² outside the 23 wards”^[6].

3. Ward by ward: 19 of the 23 wards average over ¥100 million

The property site LIFULL HOME'S tallied new condominiums listed on its site in Tokyo from January to May 2026 and found that 19 of the 23 wards averaged over ¥100 million, with Sumida, Arakawa, Itabashi and Adachi crossing the line for the first time^[7].

• The highest was Chiyoda ward at an average of ¥351.5 million, ¥4.279 million per m² — the only ward above ¥4 million.
• The lowest average price was Taito ward at ¥68 million, and the lowest price per m² was Katsushika at ¥1.094 million.

This tally uses asking prices in listings (the mean of each sales phase’s highest and lowest prices), so it differs from the institute’s figures for homes actually released, and the 23-ward averages don’t match. Both agree on the picture: prices are highest in the centre and the wave is spreading outward.

Resale prices keep rising too

When new builds get expensive, more people look at resale — and those prices are rising as well. According to Tokyo Kantei, the greater Tokyo resale condominium average in the first half of 2026 was ¥5.042 million per tsubo (about 3.3 m²), up 9.1% on the previous half. It is the first time above ¥5 million since records began, and the 27th consecutive rise^[8].

• Tokyo prefecture: ¥6.157 million (+8.7%); the 23 wards: ¥6.545 million (+8.3%); the central wards: ¥9.42 million (+5.7%).
• Growth was faster outside the centre: Jonan/Josei (+9.7%) and Johoku/Joto (+9.2%).
• Minato ward, meanwhile, fell for the first time in 19 months — perhaps a sign that buyers are struggling to keep up with prices there.

More ¥100 million new builds pull resale prices up with them. The familiar pattern — “new is too expensive, so buy resale; resale is too expensive, so move further out” — is starting to show in the numbers.

4. Reported record prices

Developers rarely publish their highest prices, so these are figures as reported.

Mita Garden Hills (Minato), which went on sale in 2023, was reported at about ¥20 million per tsubo in its priciest building and around ¥400 million on average. Its largest 376 m² home was said to possibly exceed ¥5.5 billion, but that price has not been confirmed^[5].

A caveat: the ¥20 billion figure is closer to a rumoured sale price from insiders than an asking price. To compare fairly, keep new-build prices, resale asking prices and agreed prices apart.

5. The ten priciest homes on sale now (greater Tokyo)

From the property site at home’s “luxury condominium ranking (greater Tokyo)”, as listed on 19 October 2026^[2]:

• Five of the ten are in Minato ward, followed by two each in Bunkyo and Shibuya.
• “Planned” prices are estimates before sales begin and may change.
• The ranking covers only listed properties; off-market sales (such as member pre-sales) are not included.

6. Beyond Tokyo

In Sakae, Nagoya, the top-floor 161 m² three-bedroom at Park Tower Sakae — a 24-storey building under construction beside Shirakawa Park — was reported at a planned price above ¥600 million. Reservations opened in early July 2026, with completion due in November 2028^[9].

Expensive new builds are spreading to regional city centres too. Reasons often cited include rising construction costs (materials and labour shortages), competition for central land and demand from wealthy buyers, including from abroad — alongside worries about oversupply in some areas.

7. What does a ¥100 million loan cost each month?

An average over ¥100 million is hard to picture, so here is the monthly repayment on ¥100 million borrowed over 35 years (420 payments) with level repayments, at different interest rates. No bonus repayments, and the rate is held fixed for 35 years — a simple calculation.

• A rise from 0.8% to 2.0% adds about ¥58,000 a month and about ¥24 million in total. With a variable-rate loan, that gap is exactly the future risk.
• The income column is monthly payment × 12 ÷ 0.25. The growth of “pair loans”, where couples combine incomes, reflects how hard it is to reach these levels on one salary.
• In practice there is also a down payment, management and repair-reserve fees, property tax and insurance. Don’t judge affordability by the repayment alone.

Put the other way round, many central ¥100 million homes are likely bought by people who need little or no loan — cash buyers, or people shifting assets. As averages rise, they drift further from what an ordinary salaried household experiences when house-hunting.

8. Three things to keep in mind

1. Planned prices are not agreed prices. Asking prices can change through discounts and adjustments.
2. Don’t mix new and resale. Popular buildings sometimes reappear on the resale market above their original price soon after completion; price cuts on unsold homes are less visible.
3. Averages move with where and how much is built. In years when supply is small and central, averages look higher. For a sense of everyday reality, look at prices per m² and at the area you would actually live in.

9. Summary

• Japan’s highest reported price is about ¥20 billion at Azabudai Hills (an insiders’ account). Among confirmed new-build prices, Park Mansion Hinokicho Koen’s ¥5.5 billion is well known.
• The priciest home on sale in greater Tokyo now is ¥800 million (planned); half of the top ten are in Minato.
• The average new build is ¥101.35 million in greater Tokyo and ¥142.49 million in the 23 wards, pushed up by low supply and a tilt toward central, high-end projects.
• Leasehold condominiums are growing, widening the choice between buying and renting.

Based on published data, reporting and listings as of 20 October 2026. Prices and availability may change. This is not a recommendation to buy.

References

References

1. [1]Real Estate Economic Institute, “Greater Tokyo new condominium market, first half of 2026” (21 Jul 2026, Japanese). PDF ↩
2. [2]at home, “Luxury condominium ranking (greater Tokyo)” (viewed 19 Oct 2026, Japanese). at home ↩
3. [3]Money Post Web (Shukan Post), article on the Azabudai Hills Residence penthouse (22 Aug 2023, Japanese). Money Post ↩
4. [4]LIMO, article on Park Mansion Hinokicho Koen (Japanese). LIMO ↩
5. [5]Money Post Web (Shukan Post), article on Mita Garden Hills (26 May 2023, Japanese). Money Post ↩
6. [6]Toyo Keizai Online, on how ¥100 million homes have changed (6 Aug 2026, Japanese). Toyo Keizai ↩
7. [7]LIFULL, “Areas over ¥100 million spread to 19 of Tokyo’s 23 wards” (23 Jun 2026, Japanese). LIFULL ↩
8. [8]Jutaku Shimpo, “Tokyo Kantei: greater Tokyo resale condominiums top ¥5 million per tsubo in the first half” (7 Sep 2026, Japanese). Jutaku Shimpo ↩
9. [9]Nagoya TV (Mētere), on Park Tower Sakae’s ¥600 million penthouse (14 May 2026, Japanese). Nagoya TV ↩