Tokyo Property Prices 2025–2026

Exchange rate used throughout: ¥160 = €1. This reflects the approximate average rate for 2025–2026. Actual rates fluctuate — check current rates before making any financial decision.

Key Market Figures

Tokyo's residential property market reached record highs in 2024. The average price of a new condominium in the 23 Special Wards hit approximately ¥95,000,000 (€594,000), driven by construction cost inflation, strong demand from domestic buyers using historically low mortgages, and increasing interest from international investors capitalising on yen weakness. Used (resale) condos are considerably cheaper — typically 25–40% below new-build prices — and represent better value for most buyers.

Understanding Japanese Apartment Types

Japanese listings use a standardised notation that you need to understand before reading any price data. The letter(s) describe room configuration; the number is the count of private rooms beyond the communal areas.

Renting in Tokyo — Prices by Area

Rental prices in Tokyo vary enormously based on ward, proximity to major train stations, building age, and floor. The figures below represent typical market ranges for standard, well-maintained apartments within reasonable walking distance of a major station. Premium properties, high-floor units, and newly built buildings sit at the top of these ranges or above.

Central Tokyo — The Three Core Wards

Chiyoda, Chuo and Minato wards form the inner commercial core. Chiyoda contains the Imperial Palace, government offices and Marunouchi business district. Minato encompasses Roppongi, Azabu, Hiroo and Shiba — the highest concentration of luxury residential in Tokyo and the traditional home for foreign executives.

Central-Residential — The Sought-After Middle Belt

Shibuya, Shinjuku, and Bunkyo wards offer the best combination of access and residential character. Shibuya ward includes Daikanyama, Nakameguro and Ebisu — some of the most desirable neighbourhoods in Tokyo. Shinjuku has a full spectrum from luxury towers near the station to quieter residential streets further west.

Outer 23 Wards — Most Affordable Inside Tokyo

Adachi, Edogawa, Katsushika, Nerima and Itabashi wards sit in the outer ring of the 23 Special Wards. They are well-connected by train to central Tokyo but have lower land values, older building stock, and fewer of the amenities associated with central neighbourhoods. For renters prioritising space and cost over prestige address, these wards offer the most value.

Buying Property in Tokyo

Tokyo's purchase market is dominated by condominium (マンション, manshon) purchases rather than detached houses, particularly in the 23 wards. Land values in central Tokyo are among the highest in the world, which pushes detached houses beyond the reach of most buyers in inner areas. Condominiums offer a more accessible entry point, with clear price stratification by area.

Prices below are per square metre for new-build condominiums in 2025. Used/resale condos run approximately 25–40% lower, with older buildings (pre-2000) at the lower end of that discount. Post-1981 construction (new earthquake code) is preferred; pre-1981 should be approached with caution on resale value.

Detached Houses in Greater Tokyo

Detached houses (一戸建て) are rare and expensive in the inner wards but become increasingly available — and affordable — as you move outward. A new detached house in the outer 23 wards typically runs ¥60,000,000–90,000,000 (€375,000–563,000) for a standard 2-storey building with a small garden on 100–150m² of land. In suburban cities beyond the 23 wards, the same money buys significantly more space.

Nearby Cities — What You Get for the Money

Tokyo's commuter belt extends to several major cities that offer significantly lower property prices with manageable travel times to central Tokyo. For buyers and renters who do not need to be in the core wards daily, these represent substantially better value.

Move-In Costs — The Full Picture

Japan's rental market has one of the highest upfront cost structures in the world. Understanding what you will pay before your first month begins is essential to budgeting accurately.

What Foreigners Need to Know

Renting as a Non-Japanese National

Foreign nationals face real, documented discrimination in the Tokyo rental market. A significant proportion of landlords will not rent to foreigners, regardless of income or visa status. The situation has improved considerably in the last decade, but it remains a factor. Practically speaking, this means using agencies that specifically work with foreigners (Sakura House, Fontana, Housingjapan, Global Agents) or focusing on newer managed buildings where institutional landlords are less likely to refuse. Having a Japanese co-signer dramatically improves your options.

Buying as a Foreigner

Japan places no legal restrictions on foreigners purchasing real estate. Any person of any nationality can buy property in Japan regardless of visa status, residency, or even whether they have ever visited Japan. The purchase process itself is similar to most developed markets. The challenge is financing: Japanese banks will not lend to most foreign nationals without permanent residency (永住者, eijusha) or a Japanese spouse, and even then terms are less favourable than for Japanese citizens. Most foreign buyers either pay cash or bring financing from their home country.

Property Taxes and Ongoing Costs

Fudosan shutoku-zei (acquisition tax) applies to all purchases: approximately 3% of assessed value. Annual fixed asset tax (koteishisan-zei) and city planning tax run roughly 1.4–1.7% of assessed value combined. Note that assessed value for tax purposes is typically 60–70% of market value. Condominium management fees (kanri-hi) and building repair fund contributions (shūzen tsumitate-kin) are payable monthly by all owners — typically ¥15,000–40,000/month for standard buildings.

Market Outlook

Tokyo's property market has been in a sustained upward trend since 2012, with a particularly sharp acceleration from 2020 onwards. Several structural factors support continued price stability in central areas: Tokyo's population within the 23 wards remains stable or growing; new construction land in inner wards is extremely limited; and the Bank of Japan's gradual interest rate normalisation (which began in earnest in 2024) has not materially dented demand at current levels.

The risks are primarily macroeconomic: a sharp yen appreciation would reduce the price competitiveness of Tokyo assets for foreign buyers; a sustained economic contraction could reduce domestic demand; and the longer-term depopulation trend in Japan, while not affecting central Tokyo now, creates uncertainty about asset values in outer suburbs and commuter cities on a 20-year horizon.

For the 23 Special Wards — particularly the inner eight — the medium-term fundamentals remain sound by historical standards. Outer suburb and rural Japan is a fundamentally different story with significant oversupply and the well-documented akiya (abandoned house) phenomenon accelerating.