Price reductions on asking prices for existing condominiums in central Tokyo have increased, while transaction prices have leveled off at around ¥115 million. This report examines the change by separating trends in the central 5 wards from those in the 18 wards.
This survey analyzed 82,740 existing condominium units in the Tokyo metropolitan area over the period from January 2022 to September 2026. The rate of reductions in asking prices has increased, and more sellers are adjusting prices while gauging the market's response. These reductions concern asking prices only and do not directly indicate movements in final transaction prices.
In the central 5 wards, Chiyoda, Minato, Chuo, Shinjuku and Shibuya, average transaction prices leveled off after peaking in January 2026. They have recently been settling at around ¥115 million, suggesting that the retreat in speculative demand and the limits of end-user purchasing power may be affecting price formation.
In the 18 wards, meaning the 23 wards other than the central 5, average transaction prices peaked in March 2026 and the rise subsequently paused. Prices are currently flat at around ¥62 million. The market structure is centered on end-user demand, and although price increases have spread to these areas, different factors are said to be influencing them than in the central 5 wards.
The analysis indicates that speculative demand was behind price increases in some high-priced properties even after interest rates rose, but as speculative demand retreats, the purchasing power of end users is facing practical constraints. Going forward, the market will need to be assessed together with liquidity indicators such as inventory, time on market and price-reduction rates.