Tokyo Condo Prices 2026: New vs. Pre-Owned Market Update (August Data)
Tokyo condo prices remain near record levels, but the latest data from summer 2026 shows early signs of change. This update summarizes the newest figures for both new and pre-owned condos and explains what they mean for buyers and for owners thinking about selling.
Pre-Owned Condos: Sharply Up Year on Year, Slightly Down Month on Month
According to Tokyo Kantei, the average asking price of a pre-owned condo in Tokyo's 23 wards (70㎡ equivalent) was ¥126.77 million in August 2026.
- Year on year: +18.2% (¥107.21 million in August 2025)
- Month on month: −0.4% (¥127.24 million in July 2026)
Prices are far higher than a year ago, but the small monthly dip suggests the pace of increase may be easing.
New Condos: Greater Tokyo Down Year on Year
According to figures from the Real Estate Economic Institute, as reported in the press, new condos in the Greater Tokyo area in August 2026 showed:
- Average price: ¥97.7 million (−5.4% year on year)
- Units released: 1,140 (−12.4%)
- First-month contract rate: 61.1%, below the 70% level often used as the benchmark for a healthy market
- Tokyo 23 wards average price: ¥138.21 million (+0.1%)
It was the first year-on-year price decline for Greater Tokyo in five months, while the 23 wards were essentially flat.
What the Numbers Suggest
- Central Tokyo remains expensive: New condos in the 23 wards average well above ¥100 million.
- Buyers are becoming selective: A contract rate below 70% suggests sales depend more on location and pricing.
- Pre-owned condos matter more: With limited new supply, the resale market is the main option for many buyers.
For Buyers
- Budget for total cost: Include purchase costs, monthly management and repair reserve fees, and property tax.
- Check building management: For resale units, review repair history, the long-term repair plan and the reserve fund balance.
- Compare with renting: Rents are also rising, so compare the total cost of buying and renting over the same period.
For Owners Considering a Sale
- Know the market: Set a realistic price based on recent nearby transactions.
- Compare selling and leasing: With rents at record levels, leasing may also be worth considering.
- Prepare rather than predict: Having documents and the property in good order matters more than timing the market.
Buying as a Foreigner
Foreign nationals can buy real estate in Japan. Mortgage eligibility, however, varies by visa status and lender, and non-residents may face additional tax and remittance procedures. We recommend consulting professionals before committing.
How Access Japan Real Estate Can Help
Access Japan Real Estate is a licensed broker in Minato-ku supporting purchases, sales and leasing in Tokyo in English and Japanese. We use current market data to help you choose the option that fits your goals.
Final Thoughts
Tokyo condo prices are still well above last year, but recent data shows a slight monthly dip and a softer contract rate. Whether you are buying or selling, base your decision on current data and the specifics of each property. Contact us to discuss your plans.
This article is general information based on published data and does not predict or guarantee future prices or investment results.
Cover photo: Ryoji Iwata / Unsplash
