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Tokyo condominium market price trends

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2026-09-10 07:31 UTC → 2026-09-11 23:49 UTC · added ~~removed~~

The Tokyo condominium market continues to exhibit significant divergence between central urban areas and the broader metropolitan region. While new condominium prices in Tokyo’s 23 special wards reached a record 265.2 million yen in July 2026, recent data for used condominiums shows a slowing growth trend. In July, the average price for used units in the 23 wards reached 88.84 million yen, though the month-on-month increase decelerated to 0.2%. This deceleration is driven by a price correction in the central six wards—Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, and Shibuya—where prices fell by 1.8% as high costs make properties increasingly inaccessible to residents and investors. Conversely, prices in other areas of the 23 wards continue to rise, and the wider Tokyo metropolitan area has seen average property prices hit a record high of 75.47 million yen. By August 2026, the national real estate market saw further record-breaking trends. The national average price for individual condominium units surpassed 30 million yen for the first time since 2008, a 22.14% year-on-year increase. In the Tokyo 23 wards, average apartment prices reached 141.11 million yen, while the average price for units in the 23 wards was reported at 42.67 million yen. Despite rising prices, investment yields for single-building apartments have hit record lows, with the national average yield dropping to 7.89%. Additionally, the price of used detached houses in the Tokyo metropolitan area rose to a median of 31 million yen, a 3.4% year-on-year increase, with the Tokyo 23 wards specifically seeing an 11.1% increase. As of September 2026, these trends have created a stark divide between luxury investors and middle-income homeowners. In central areas such as Shirokane Takanawa, luxury high-rise owners have realized massive capital gains; for example, one property purchased for 160 million yen rose to approximately 300 million yen.

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