Authored by the expert who managed and guided the team behind the Japan Property Pack
Yes, the analysis of Tokyo's property market is included in our pack
If you are thinking about buying an apartment in Tokyo, you have probably noticed that getting clear, reliable price information is surprisingly hard.
This guide gives you real numbers for Tokyo apartment prices in 2026, broken down by size, neighborhood, and property type, so you can plan your budget with confidence.
We constantly update this blog post as new data becomes available, so you always have access to the latest Tokyo property market figures.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Tokyo.
Insights
- Tokyo's cheapest ward (Adachi) and most expensive ward (Chiyoda) differ by more than 5x on a price-per-square-meter basis in 2026, which means location alone can swing your budget by tens of millions of yen.
- New-build apartments in Tokyo's 23 wards cost 25% to 40% more than comparable resale units in 2026, driven by rising construction costs and scarce central land.
- Foreign buyers now account for 20% to 40% of new apartment purchases in premium Tokyo wards like Minato, Chiyoda, and Shibuya, according to Mitsubishi UFJ Trust & Banking surveys.
- The typical all-in budget for buying a Tokyo apartment runs 6% to 10% above the purchase price, covering agent fees, taxes, registration, and other closing costs.
- Tokyo resale apartment prices have risen an estimated 45% to 70% over the past decade in nominal terms, though real (inflation-adjusted) gains are closer to 25% to 45%.
- Listing prices in Tokyo typically close 3% to 7% below asking, a smaller discount than many global markets, reflecting strong buyer demand throughout the 23 wards.
- Monthly building fees (management plus repair reserve) for a typical 40 to 70 square meter Tokyo apartment range from 20,000 to 45,000 yen, which adds up to 240,000 to 540,000 yen per year.
- The Bank of Japan's rate hikes pushed variable mortgage rates in Tokyo to 0.7% to 1.0% by late 2025, up from 0.4% to 0.6% a year earlier, affecting affordability for leveraged buyers.
How much do apartments really cost in Tokyo in 2026?
What's the average and median apartment price in Tokyo in 2026?
As of January 2026, the median resale apartment price in Tokyo's 23 wards sits around 92 million yen (about $585,000 USD or 500,000 EUR), while the average runs higher at roughly 108 million yen ($690,000 USD or 590,000 EUR) because luxury units in central wards pull the mean upward significantly.
For price per square meter, the median lands at approximately 1.0 to 1.1 million yen per square meter ($6,400 to $7,000 USD per sqm or 5,500 to 6,000 EUR per sqm), which translates to about 95,000 to 102,000 yen per square foot ($605 to $650 USD per sqft or 520 to 560 EUR per sqft).
Most standard Tokyo apartments fall within a range of 50 million to 120 million yen ($320,000 to $765,000 USD or 275,000 to 655,000 EUR), though prices vary dramatically depending on whether you are looking at outer wards like Adachi or premium central locations like Minato.
How much is a studio apartment in Tokyo in 2026?
As of January 2026, a typical resale studio apartment in Tokyo costs around 24 million to 28 million yen ($153,000 to $178,000 USD or 131,000 to 153,000 EUR), based on a common Tokyo studio size of roughly 25 square meters.
Entry-level studios in outer wards like Adachi or Katsushika start from 15 million to 20 million yen ($95,000 to $127,000 USD or 82,000 to 109,000 EUR), while high-end studios in premium wards like Minato or Shibuya can exceed 50 million yen ($318,000 USD or 273,000 EUR).
Tokyo studio apartments typically range from 18 to 30 square meters, with most rental-focused investment units clustered around 20 to 25 square meters and owner-occupied studios trending slightly larger.
How much is a one-bedroom apartment in Tokyo in 2026?
As of January 2026, a typical resale one-bedroom (1LDK) apartment in Tokyo costs approximately 38 million to 50 million yen ($240,000 to $320,000 USD or 208,000 to 273,000 EUR), based on a common size of around 35 to 45 square meters.
Entry-level one-bedroom apartments in affordable wards like Edogawa or Nerima start from 30 million to 38 million yen ($190,000 to $240,000 USD or 165,000 to 208,000 EUR), whereas luxury one-bedroom units in Chiyoda or Minato can reach 80 million to 120 million yen ($510,000 to $765,000 USD or 437,000 to 655,000 EUR).
One-bedroom apartments in Tokyo typically measure between 35 and 50 square meters, with newer developments often on the larger end and older buildings trending smaller.
How much is a two-bedroom apartment in Tokyo in 2026?
As of January 2026, a typical resale two-bedroom (2LDK) apartment in Tokyo costs around 57 million to 75 million yen ($363,000 to $478,000 USD or 311,000 to 410,000 EUR), based on the common Tokyo 2LDK size of approximately 55 to 65 square meters.
Entry-level two-bedroom apartments in budget-friendly wards like Katsushika or Itabashi start from 40 million to 55 million yen ($255,000 to $350,000 USD or 220,000 to 300,000 EUR), while premium two-bedroom units in Shibuya or Chuo can exceed 150 million yen ($955,000 USD or 820,000 EUR).
By the way, you will find much more detailed price ranges for apartments in our property pack covering the property market in Tokyo.
How much is a three-bedroom apartment in Tokyo in 2026?
As of January 2026, a typical resale three-bedroom (3LDK) apartment in Tokyo costs approximately 76 million to 100 million yen ($485,000 to $637,000 USD or 415,000 to 545,000 EUR), based on a common size of around 75 to 85 square meters.
Entry-level three-bedroom apartments in outer wards like Adachi or Ota start from 55 million to 75 million yen ($350,000 to $478,000 USD or 300,000 to 410,000 EUR), while luxury three-bedroom units in Minato or Chiyoda regularly exceed 200 million yen ($1.27 million USD or 1.09 million EUR).
Three-bedroom apartments in Tokyo typically measure between 70 and 95 square meters, though supply is thinner in the 23 wards compared to smaller unit types, which keeps prices relatively firm even in less central locations.
What's the price gap between new and resale apartments in Tokyo in 2026?
As of January 2026, new-build apartments in Tokyo's 23 wards typically cost 25% to 40% more than comparable resale units, though the premium can reach 50% to 60% for trophy projects in central locations like Minato or Chiyoda.
The average price per square meter for new-build apartments in Tokyo runs approximately 1.4 million to 1.7 million yen per sqm ($8,900 to $10,800 USD per sqm or 7,650 to 9,300 EUR per sqm), with central ward projects often exceeding 2 million yen per sqm.
In contrast, the average price per square meter for resale apartments sits around 1.0 million to 1.3 million yen per sqm ($6,400 to $8,300 USD per sqm or 5,500 to 7,100 EUR per sqm), making existing condos the more accessible option for most buyers.
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Can I afford to buy in Tokyo in 2026?
What's the typical total budget (all-in) to buy an apartment in Tokyo in 2026?
As of January 2026, the typical all-in budget to buy a standard apartment in Tokyo runs approximately 6% to 10% above the purchase price, so a 70 million yen apartment would require a total budget of roughly 74 million to 77 million yen ($471,000 to $490,000 USD or 405,000 to 420,000 EUR).
This all-in budget includes the purchase price plus agent fees (capped at roughly 3% plus 60,000 yen plus tax), stamp duty, registration and licensing taxes, judicial scrivener fees, real estate acquisition tax, and any mortgage-related fees if you are financing the purchase.
We go deeper and try to understand what costs can be avoided or minimized (and how) in our Tokyo property pack.
You can also read our dedicated blog article to understand what you can at different budget levels in Tokyo.
What down payment is typical to buy in Tokyo in 2026?
As of January 2026, the typical down payment to buy an apartment in Tokyo ranges from 10% to 20% of the purchase price, meaning a 70 million yen apartment would require 7 million to 14 million yen down ($44,500 to $89,000 USD or 38,000 to 76,500 EUR).
Most Japanese banks require a minimum down payment of 10% for domestic buyers with stable income, though some lenders offer full financing (zero down) for well-qualified borrowers with long employment histories.
For foreign buyers, a down payment of 20% or more is a safer planning assumption because banks tend to be more cautious about visa status, overseas income, and shorter residency histories in Japan.
You can also read our latest update about mortgage and interest rates in Japan.
We made this infographic to show you how property prices in Japan compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
Which neighborhoods are cheapest or priciest in Tokyo in 2026?
How much does the price per m2 for apartments vary by neighborhood in Tokyo in 2026?
As of January 2026, the price per square meter for resale apartments in Tokyo ranges from roughly 530,000 yen per sqm ($3,375 USD or 2,900 EUR per sqm) in the cheapest wards to over 2.8 million yen per sqm ($17,800 USD or 15,300 EUR per sqm) in the most expensive wards.
The most affordable neighborhoods for Tokyo apartments include Adachi (around 530,000 yen per sqm), Katsushika (around 600,000 yen per sqm), and Edogawa (around 700,000 yen per sqm), where prices run 50% to 70% below the citywide average.
The most expensive neighborhoods include Chiyoda (around 2.8 million yen per sqm), Minato (around 2.0 million yen per sqm), Shibuya (around 1.8 million yen per sqm), and Chuo (around 1.7 million yen per sqm), where prices reflect prime central locations and limited supply.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Tokyo.
What neighborhoods are best for first-time buyers on a budget in Tokyo in 2026?
As of January 2026, the best neighborhoods for first-time buyers on a budget in Tokyo include Adachi ward (especially Kitasenju and Ayase stations), Katsushika ward (Kameari and Kanamachi), and Edogawa ward (Kasai and Koiwa areas).
Apartments in these budget-friendly Tokyo neighborhoods typically range from 30 million to 55 million yen ($190,000 to $350,000 USD or 165,000 to 300,000 EUR) for two-bedroom units, compared to 80 million yen or more for similar sizes in central wards.
These neighborhoods offer good metro access (typically 30 to 45 minutes to central Tokyo), family-friendly amenities like parks and schools, and a more spacious living environment compared to cramped central locations.
The main trade-off is longer commute times and less nightlife or dining variety compared to trendy areas like Shibuya or Nakano, but for buyers prioritizing space and value, these outer wards deliver strong returns.
Which neighborhoods have the fastest-rising apartment prices in Tokyo in 2026?
As of January 2026, the neighborhoods with the fastest-rising apartment prices in Tokyo include Toyosu (Koto ward), Shinagawa, and areas around Shibuya undergoing major redevelopment, along with spillover zones near Nakano and parts of Taito ward.
These fast-appreciating Tokyo neighborhoods have seen estimated year-over-year price increases of 8% to 15%, outpacing the citywide average of 6% to 10%, driven by infrastructure improvements and concentrated buyer demand.
The main drivers behind rapid price growth include major transport upgrades, large-scale mixed-use redevelopment projects, and spillover demand from overheated core wards where prices have pushed typical buyers to adjacent areas.
You can also read our latest update about property price forecasts in Tokyo.
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What extra costs will I pay on top of the apartment price in Tokyo in 2026?
What are all the buyer closing costs when you buy an apartment in Tokyo?
The estimated total buyer closing costs for a typical Tokyo apartment purchase run approximately 4 million to 7 million yen ($25,000 to $45,000 USD or 22,000 to 38,000 EUR) on a 70 million yen property, representing the 6% to 10% range above the purchase price.
The main categories of closing costs in Tokyo include agent commission (capped at roughly 3% plus 60,000 yen plus 10% consumption tax), stamp duty on the purchase contract, registration and licensing taxes, judicial scrivener fees, real estate acquisition tax, and mortgage-related fees if financing.
The largest closing cost is typically the real estate agent fee, which can exceed 2.4 million yen ($15,300 USD or 13,100 EUR) on a 70 million yen purchase, followed by real estate acquisition tax and registration fees.
Some costs are negotiable or variable, such as agent fees (some sellers or developers waive them for direct purchases) and judicial scrivener selection, though the government taxes and registration fees are fixed by regulation.
On average, how much are buyer closing costs as a percentage of the purchase price for an apartment in Tokyo?
The estimated typical closing cost percentage for buying an apartment in Tokyo runs approximately 6% to 8% of the purchase price for straightforward cash transactions, rising to 8% to 10% when mortgage-related fees are included.
The realistic low-to-high range covering most standard Tokyo apartment transactions is 5% to 12%, with the lower end applying to direct purchases from developers (no agent fee) and the higher end applying to foreign buyers facing additional currency, translation, and banking costs.
We actually cover all these costs and strategies to minimize them in our pack about the real estate market in Tokyo.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Japan versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What are the ongoing monthly and yearly costs of an apartment in Tokyo in 2026?
What are typical HOA fees in Tokyo right now?
The estimated typical monthly building fees (management fee plus repair reserve fund) for apartments in Tokyo range from 20,000 to 45,000 yen ($127 to $287 USD or 109 to 246 EUR) for a standard 40 to 70 square meter unit.
Basic older buildings in outer wards may charge combined fees as low as 15,000 to 25,000 yen per month ($95 to $160 USD or 82 to 137 EUR), while luxury high-rise towers with concierge services and extensive amenities can charge 50,000 to 80,000 yen per month ($320 to $510 USD or 275 to 437 EUR) or more.
What utilities should I budget monthly in Tokyo right now?
The estimated total monthly utility cost for a typical Tokyo apartment runs approximately 12,000 to 25,000 yen ($76 to $160 USD or 65 to 137 EUR), covering electricity, gas, and water for a one to two person household.
The realistic range extends from 10,000 yen per month ($64 USD or 55 EUR) for a small studio with minimal usage to 30,000 yen or more ($190 USD or 165 EUR) for larger apartments during peak summer or winter months when air conditioning or heating usage spikes.
The typical monthly utility budget in Tokyo includes electricity (5,000 to 15,000 yen), city gas (3,000 to 6,000 yen), and water plus sewage (2,000 to 4,000 yen billed every two months).
Electricity tends to be the most expensive utility for Tokyo apartment owners, especially during summer when air conditioning runs constantly, and costs have risen in recent years due to higher energy prices and the national renewable energy surcharge.
How much is property tax on apartments in Tokyo?
The estimated typical annual property tax for an apartment in Tokyo ranges from 80,000 to 250,000 yen ($510 to $1,590 USD or 440 to 1,365 EUR), depending on the property's assessed value and location.
Property tax in Tokyo consists of two components: fixed asset tax (1.4% of the assessed value) and city planning tax (up to 0.3% of the assessed value), with the combined effective rate around 1.7% of assessed value, though assessed values are typically well below market prices.
The realistic range of annual property tax spans from 50,000 yen ($320 USD or 275 EUR) for smaller, older apartments in outer wards to 500,000 yen or more ($3,180 USD or 2,730 EUR) for large, premium units in central Tokyo.
If you want to go into more details, we also have a blog article detailing all the property taxes and fees in Tokyo.
What's the yearly building maintenance cost in Tokyo?
The estimated typical yearly building maintenance cost for Tokyo apartment owners runs approximately 240,000 to 540,000 yen ($1,530 to $3,440 USD or 1,310 to 2,950 EUR), calculated as the monthly management and repair reserve fees multiplied by twelve.
The realistic range extends from 180,000 yen per year ($1,145 USD or 980 EUR) for basic buildings with minimal services to 800,000 yen or more ($5,100 USD or 4,370 EUR) for luxury tower apartments with extensive amenities and staffing.
These yearly maintenance costs typically cover building upkeep, common area cleaning, elevator maintenance, security, insurance on common areas, and contributions to the long-term repair reserve for major renovations.
In Tokyo, building maintenance costs are usually collected as part of the monthly management fee (kanrihi) and repair reserve fund (shuzen tsumitatekin), so they are effectively synonymous with HOA-style fees rather than separate expenses.
How much does home insurance cost in Tokyo?
The estimated typical annual home insurance (fire insurance) cost for a Tokyo apartment runs approximately 10,000 to 30,000 yen ($64 to $190 USD or 55 to 165 EUR) per year, depending on coverage level, building structure, and optional earthquake coverage.
The realistic range extends from 8,000 yen per year ($51 USD or 44 EUR) for basic fire coverage on a small, newer reinforced concrete apartment to 50,000 yen or more ($320 USD or 275 EUR) for comprehensive coverage including earthquake insurance on larger or older units.
Home insurance is not legally mandatory for apartment owners in Tokyo, but mortgage lenders universally require fire insurance as a loan condition, and earthquake insurance is strongly recommended given Japan's seismic risks (earthquake coverage typically adds 30% to 50% to the base premium).
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What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Tokyo, we always rely on the strongest methodology we can, and we do not throw out numbers at random.
We also aim to be fully transparent, so below we have listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source Name | Why It's Authoritative | How We Used It |
|---|---|---|
| LIFULL HOME'S | One of Japan's largest property portals with transparent methodology for ward-level averages. | We used this to map cheap versus pricey wards using the 70-square-meter benchmark across all 23 wards. We also derived price-per-square-meter figures for different apartment sizes. |
| Real Estate Economic Institute (REEI) | The most-cited specialist institute for Japan's new condo supply and pricing data. | We used this to anchor new-build price levels for Tokyo and Greater Tokyo. We compared these figures to resale benchmarks to estimate the new versus resale gap. |
| MLIT (Ministry of Land, Infrastructure, Transport and Tourism) | The central government ministry responsible for housing policy in Japan. | We used this to estimate real estate acquisition tax rates and understand available reductions. We treat it as the primary source for timing and headline rates. |
| Tokyo Metropolitan Tax Bureau (Acquisition Tax) | Tokyo's official tax authority for rules applied in Tokyo. | We used this to describe what the acquisition tax is and verify our budgeting matches official framing. We also noted that reductions depend on buyer and home conditions. |
| Tokyo Metropolitan Tax Bureau (Property Tax) | Tokyo's official reference for ongoing local property taxes. | We used this to explain fixed asset tax and city planning tax categories. We translated rates into realistic yearly budget ranges based on assessed values. |
| National Tax Agency (NTA) | Japan's national tax authority publishing the official stamp duty table. | We used this to budget stamp duty for typical Tokyo purchase prices. We also cited the reduced-rate window to show the rule is time-bound. |
| MLIT Brokerage Fee Cap Notice | The ministry's official legal notice setting maximum brokerage remuneration. | We used this to budget agent fees using the legal ceiling formula. We explained why fees are predictable due to the regulatory cap. |
| Statistics Bureau of Japan (Family Income & Expenditure Survey) | Japan's official household spending survey used to benchmark living costs. | We used this as the primary reference for utility spending ranges. We kept numbers simple and explained variation by season and household size. |
| JETRO (Japan External Trade Organization) | A Japanese government agency focused on accurate guidance for international investors. | We used it to cross-check foreigner basics like ownership rules and tax obligations. We kept explanations practical rather than legalistic. |
| General Insurance Rating Organization of Japan (GIROJ) | The industry's official rating organization explaining how premiums are determined. | We used it to explain why home insurance pricing varies by structure and location. We translated that into a practical annual budget range. |
| Plaza Homes | A long-running, well-known Tokyo brokerage summarizing buyer costs in a structured way. | We used it as a secondary checklist to ensure we did not miss common line items. We still relied on government sources for actual tax rules. |
| Housing Japan | An established Tokyo brokerage with detailed English-language tax guides. | We used their tax breakdowns to validate our property tax calculations. We cross-referenced their fee schedules with official sources. |
| Tokyo Portfolio | A market analysis platform providing quarterly Tokyo price trend reports. | We used their price trend data to validate year-over-year appreciation figures. We also referenced their foreign buyer cost analyses. |
| PropertyAccess | A regional property platform with data on Tokyo ward-level pricing and foreign buyer activity. | We used their 2026 outlook data to validate price projections. We cited their Mitsubishi UFJ survey findings on foreign buyer percentages. |
| Global Property Guide | An international property data source tracking residential price indices across markets. | We used their Japan price history to contextualize Tokyo within national trends. We referenced their mortgage rate data for affordability context. |
| Patience Realty | A regulated Tokyo brokerage that explicitly attributes metrics to REINS transaction data. | We used it to obtain sold price per square meter benchmarks for Greater Tokyo. We treat it as triangulation rather than the primary authority. |
| Japan Handbook | A practical living guide with detailed utility cost breakdowns for Tokyo. | We used their rate structure explanations to validate our utility budgeting. We incorporated their seasonal variation insights into our ranges. |
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Japan. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
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