Tokyo property prices: recent trends and neighbourhoods in 2026

In Tokyo, a new apartment sold in the 23 wards cost an average of 138.21 million yen in August 2026, according to the Real Estate Economic Institute as cited by the Kyodo agency. For existing homes, the asking price for an apartment scaled to 70 m² reached 127.24 million yen in July 2026 in the 23 wards, according to Tokyo Kantei. These levels are among the highest ever recorded.

After several years of sharp increases, however, the market is showing its first signs of correction: existing-home prices have been falling in the central wards since spring 2026, supply is rising and higher interest rates are weighing on households' borrowing capacity. Here are the recent figures, the gaps between neighbourhoods and what changes for a foreign buyer.

New-build prices: very volatile averages

The average new-build price depends heavily on the developments put on sale each month, because supply is limited. In July 2026, the average for the 23 wards jumped 96% year on year to a monthly record of 265.20 million yen, driven by high-end towers sold notably in Minato, Kyodo reports in the Mainichi. The institute itself considered it unlikely that the average would stay durably above 200 million.

The following month confirmed it: in August 2026, the average for the 23 wards came back to 138.21 million yen (+0.1% year on year). For the whole of Tokyo and the three neighbouring prefectures (Chiba, Kanagawa, Saitama), the average new-build price fell 5.4% year on year, to 97.7 million yen, as rising land prices in the centre make projects harder for developers to put together.

Existing homes: the central wards are falling

The existing-home market, which is steadier, gives a better picture of prices. According to Tokyo Kantei, which calculates an average asking price scaled to 70 m² each month, the six central wards stood at 181.95 million yen in July 2026, down 1.7% on the month and for the third month in a row. The levels by ward in July 2026:

• Chiyoda: 232.13 million yen (-3.0% on the month);
• Minato: 224.57 million (-2.2%);
• Shibuya: 182.21 million (-1.3%);
• Chuo: 167.54 million (-0.2%);
• Shinjuku: 145.97 million (-1.1%);
• Bunkyo: 139.68 million (+0.2%).

The number of properties for sale has risen by about 40% year on year. The decline is also spreading to Meguro, Sumida and Koto, and in August 2026 the Tokyo average fell for the first time in 28 months, according to Bloomberg; the six central wards were in their fourth month of decline. Tokyo Kantei expects the adjustment to continue in the centre until the end of the year.

Demand is shifting to the outskirts

Faced with central prices, buyers are turning to neighbouring cities. In July 2026, an existing apartment scaled to 70 m² was worth an average of 47.45 million yen in Yokohama, 44 million in Saitama and 28.9 million in Chiba, with prices up on the month. The average for Tokyo and the three neighbouring prefectures reached 75.47 million, a record since 2002.

Land prices

According to the survey by the Ministry of Land (MLIT) published in September 2026, the average land price in Japan on 1 July rose for the fifth year in a row (+1.5%), and by 4.4% in the three major metropolitan areas of Tokyo, Osaka and Nagoya. The most expensive land in the country remains in Ginza, at 52.5 million yen per square metre.