Greater Tokyo average reaches ¥59.28 million
At Home's July 2026 market survey put the average price of a used condominium in the Greater Tokyo area at ¥59.28 million. The average increased from both the previous month and a year earlier for the 24th consecutive month. All eight surveyed areas have now recorded year-on-year increases for 15 consecutive months, and several areas—including Tokyo's 23 wards and suburban Tokyo—reached their highest levels since the survey series began in January 2017.
Price momentum is easing in central Tokyo
A notable detail is that month-on-month growth in the 23 wards slowed to 0.2%. Tokyo condominium values have been supported by expensive new-build supply, limited central-city land availability and strong demand, but affordability becomes a larger constraint as absolute prices rise. Higher borrowing costs can also reduce the amount domestic mortgage borrowers are able or willing to pay. Investors should therefore watch not only headline asking prices but transaction times, discounts and completed-sale data.
Rental income matters more as acquisition prices rise
For overseas buyers, rising yen-denominated property prices do not automatically translate into stronger investment performance. If rents fail to rise at the same pace as acquisition prices, gross yields compress. Management fees, reserve-fund contributions, property taxes and future building repairs further affect net returns. In today's high-price Tokyo market, buyers increasingly need to evaluate acquisition cost, sustainable rent, operating expenses and resale liquidity together rather than relying on expectations of continued capital appreciation.