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This article explains the current housing prices in Tokyo in 2026, with a focus on residential property only.
We constantly update this blog post so readers can keep a fresh view of the Tokyo housing market.
You will find average prices, price per square meter, neighborhood ranges, buying costs, and examples by budget.
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
- The average housing price in Tokyo in 2026 is around ¥105 million, but the median is lower, at about ¥92 million, because luxury units pull the average up.
- Most normal residential properties in Tokyo in 2026 sit between ¥35 million and ¥220 million, which is a very wide range for one city.
- The realistic entry point for Tokyo housing in 2026 is around ¥32 million to ¥50 million, but buyers should expect older buildings, smaller surfaces, or outer wards.
- Closed sale prices in Tokyo are usually around 5% below listing prices, but rare central properties can sell with almost no discount.
- Tokyo 23 ward homes cost about ¥1.38 million per square meter at the median, while new-build condominiums often cost far more.
- New condominiums in Tokyo in 2026 usually cost about 30% to 45% more than similar existing condominiums.
- Minato, Chiyoda, and Shibuya remain the most expensive Tokyo housing areas, especially for newer towers and luxury family apartments.
- A buyer in Tokyo should usually add at least 10% to the purchase price for taxes, fees, and light work, and 20% or more for older units.
What is the average housing price in Tokyo in 2026?
The median housing price in Tokyo is often more useful than the average housing price because the Tokyo market has many normal apartments and a smaller number of very expensive luxury homes.
We are writing this as of 2026, using the latest data collected from authoritative sources that we manually double checked.
In 2026, the estimated median housing price in Tokyo is about ¥92 million, which is around $575,000 or €497,000.
In 2026, the estimated average housing price in Tokyo is about ¥105 million, which is around $656,000 or €568,000.
For 80% of the residential property market in Tokyo in 2026, a realistic price range is roughly ¥35 million to ¥220 million, or about $219,000 to $1.38 million, or €189,000 to €1.19 million.
A realistic entry range in Tokyo in 2026 is about ¥32 million to ¥50 million, or $200,000 to $313,000, or €173,000 to €270,000, which can buy an older 28 to 40 sqm condominium in Adachi, Katsushika, Edogawa, or Itabashi.
A typical luxury property in Tokyo in 2026 usually costs about ¥180 million to ¥500 million, or $1.13 million to $3.13 million, or €973,000 to €2.70 million, which can buy a new or recent 70 to 110 sqm condominium in Minato, Chiyoda, Shibuya, Akasaka, Azabu, Roppongi, Aoyama, Hiroo, or central Chuo.
By the way, you will find much more detailed price ranges in our property pack covering the real estate market in Tokyo.
Are Tokyo property listing prices close to the actual sale price in 2026?
In 2026, actual sale prices for Tokyo residential property are usually around 5% below listing prices, although the range can be from 0% to 10% depending on the property.
Discounts are smaller for prime central properties because supply is limited and buyers compete for the same good buildings.
Discounts are larger for older outer-ward homes, units far from stations, properties needing renovation, and homes with high monthly management or repair-reserve fees.
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What is the price per sq m or per sq ft for properties in Tokyo in 2026?
As of 2026, the estimated median housing price in Tokyo is about ¥1.38 million per sqm, or $8,625 per sqm, or €7,460 per sqm, which is about ¥128,000 per sqft, or $800 per sqft, or €692 per sqft.
The estimated average housing price in Tokyo is about ¥1.58 million per sqm, or $9,875 per sqm, or €8,540 per sqm, which is about ¥147,000 per sqft, or $919 per sqft, or €794 per sqft.
The highest price per sqm in Tokyo in 2026 is usually found in compact new condominiums, luxury towers, and branded residences in central wards, while the lowest price per sqm is usually found in older outer-ward homes, properties far from stations, and units needing renovation.
The highest price per sqm in Tokyo in 2026 is usually in Minato, Chiyoda, Shibuya, and prime Chuo, where prices often range from about ¥2.3 million to ¥4.5 million per sqm.
The lowest price per sqm is usually in Adachi, Katsushika, Edogawa, and parts of Itabashi, where prices often range from about ¥650,000 to ¥1.05 million per sqm.
How have property prices evolved in Tokyo?
Compared with one year earlier, Tokyo residential property prices in 2026 are estimated to be about 11% higher in nominal yen terms. The main reason is that new-build supply is tight, construction costs remain high, and buyers are shifting toward resale homes when new condos become too expensive.
Compared with two years earlier, Tokyo residential property prices in 2026 are estimated to be about 20% to 25% higher in nominal yen terms. The increase is linked to stronger central-ward demand, higher replacement costs, and limited supply near good stations.
By the way, we’ve written a blog article detailing the latest updates on property price variations in Japan.
Finally, if you want to know whether now is a good time to buy a property there, you can check our pack covering everything there is to know about the housing market in Tokyo.
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How do prices vary by housing type in Tokyo in 2026?
In 2026, the Tokyo residential market is mainly an apartment market, with existing condominiums representing about 55% of buyer-visible stock, new condominiums about 15%, existing detached houses about 15%, new detached houses about 8%, luxury towers about 5%, and compact investment studios about 2%.
In Tokyo in 2026, an existing condominium averages about ¥85 million, or $531,000, or €459,000, while a new condominium averages about ¥138 million, or $863,000, or €746,000.
An existing detached house averages about ¥78 million, or $488,000, or €422,000, while a new detached house averages about ¥88 million, or $550,000, or €476,000.
A compact investment studio averages about ¥38 million, or $238,000, or €205,000, while a luxury condominium or tower unit averages about ¥280 million, or $1.75 million, or €1.51 million.
If you want to know more, you should read our dedicated analyses:
How do property prices compare between existing and new homes in Tokyo in 2026?
In Tokyo in 2026, a new condominium usually costs about 30% to 45% more than a similar existing condominium, while a new detached house usually costs about 10% to 25% more than an older detached house.
This new-build premium exists because construction costs are high, new supply is limited, and buyers pay more for modern earthquake standards, cleaner layouts, and lower immediate renovation risk.
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How do property prices vary by neighborhood in Tokyo in 2026?
Minato is one of the most expensive housing markets in Tokyo in 2026, with many luxury condos, towers, and international-family apartments. A typical residential property in Minato often costs about ¥160 million to ¥450 million, or $1.00 million to $2.81 million, or €865,000 to €2.43 million, because the ward has embassies, international schools, and prestige areas like Azabu, Roppongi, and Aoyama.
Shibuya has central condominiums, designer apartments, and high-end compact units. A typical residential property in Shibuya often costs about ¥120 million to ¥350 million, or $750,000 to $2.19 million, or €649,000 to €1.89 million, because buyers pay for lifestyle, restaurants, tech culture, and strong access to central and western Tokyo.
Setagaya is more residential and family-oriented than the central business wards. A typical residential property in Setagaya often costs about ¥70 million to ¥180 million, or $438,000 to $1.13 million, or €378,000 to €973,000, because buyers get more space while staying connected to central Tokyo.
You will find a much more detailed analysis by areas in our property pack about Tokyo. Meanwhile, here is a quick summary table we have made so you can understand how prices change across areas:
| Tokyo area | Market profile | Average price range | Average range per sqm | Average range per sqft |
|---|---|---|---|---|
| Minato | Luxury and expat | ¥160M to ¥450M $1.00M to $2.81M |
¥2.4M to ¥4.5M $15,000 to $28,125 |
¥223k to ¥418k $1,394 to $2,613 |
| Chiyoda | Ultra-central and scarce | ¥150M to ¥420M $938k to $2.63M |
¥2.3M to ¥4.2M $14,375 to $26,250 |
¥214k to ¥390k $1,337 to $2,438 |
| Shibuya | Lifestyle and prime | ¥120M to ¥350M $750k to $2.19M |
¥2.0M to ¥3.8M $12,500 to $23,750 |
¥186k to ¥353k $1,162 to $2,207 |
| Chuo | Tower and commute | ¥110M to ¥280M $688k to $1.75M |
¥1.8M to ¥3.0M $11,250 to $18,750 |
¥167k to ¥279k $1,046 to $1,743 |
| Shinjuku | Central and mixed | ¥85M to ¥230M $531k to $1.44M |
¥1.5M to ¥2.6M $9,375 to $16,250 |
¥139k to ¥242k $871 to $1,511 |
| Bunkyo | Education and family | ¥90M to ¥220M $563k to $1.38M |
¥1.45M to ¥2.4M $9,063 to $15,000 |
¥135k to ¥223k $842 to $1,394 |
| Meguro | Lifestyle and family | ¥100M to ¥260M $625k to $1.63M |
¥1.6M to ¥2.8M $10,000 to $17,500 |
¥149k to ¥260k $929 to $1,626 |
| Shinagawa | Commute and redevelopment | ¥90M to ¥230M $563k to $1.44M |
¥1.4M to ¥2.5M $8,750 to $15,625 |
¥130k to ¥232k $813 to $1,452 |
| Setagaya | Family and residential | ¥70M to ¥180M $438k to $1.13M |
¥1.1M to ¥1.9M $6,875 to $11,875 |
¥102k to ¥177k $639 to $1,104 |
| Suginami | Family and value | ¥60M to ¥150M $375k to $938k |
¥0.95M to ¥1.6M $5,938 to $10,000 |
¥88k to ¥149k $552 to $929 |
| Koto | Tower and bay-area value | ¥70M to ¥170M $438k to $1.06M |
¥1.0M to ¥1.8M $6,250 to $11,250 |
¥93k to ¥167k $581 to $1,046 |
| Katsushika | Entry and affordability | ¥30M to ¥85M $188k to $531k |
¥0.65M to ¥1.05M $4,063 to $6,563 |
¥60k to ¥98k $378 to $610 |
How much more do you pay for properties in Tokyo when you include renovation work, taxes, and fees?
In Tokyo in 2026, a buyer should usually budget 7% to 10% extra for a newer good-condition condo, 12% to 18% extra for a normal existing condo, and 20% to 35% extra for an older unit needing full renovation.
For a property bought around $200,000, or about ¥32 million, the extra cost in Tokyo is often about ¥3 million to ¥6 million, or $19,000 to $38,000. This means the total cash cost may end up around ¥35 million to ¥38 million, or $219,000 to $238,000, depending on renovation needs.
For a property bought around $500,000, or about ¥80 million, the extra cost in Tokyo is often about ¥8 million to ¥15 million, or $50,000 to $94,000. This means the total cash cost may end up around ¥88 million to ¥95 million, or $550,000 to $594,000.
For a property bought around $1,000,000, or about ¥160 million, the extra cost in Tokyo is often about ¥16 million to ¥35 million, or $100,000 to $219,000. This means the total cash cost may end up around ¥176 million to ¥195 million, or $1.10 million to $1.22 million.
By the way, we keep updated a blog article detailing the property taxes and fees to factor in the total buying cost in Japan.
Meanwhile, here is a detailed table of the additional expenses you may have to pay when buying a new property in Tokyo
| Additional expense | Type | Estimated cost range |
|---|---|---|
| Brokerage fee | Fee | Usually about 3.3% of the price plus ¥66,000, or about 3.3% plus $413. This is often one of the largest transaction costs. It applies when a buyer uses a broker. |
| Registration and license tax | Tax | Often about 0.5% to 2.0% of assessed value, depending on the property and reliefs. The taxable value is not always the same as the purchase price. A judicial scrivener usually handles the registration. |
| Real estate acquisition tax | Tax | Often works out to about 1% to 3% effective cost after available reliefs. The exact amount depends on land value, building value, and eligibility. Buyers should check the Tokyo rules before signing. |
| Stamp duty | Tax | Often around ¥20,000 to ¥100,000, or about $125 to $625, for many normal residential transactions. The amount depends on the contract value. It is small compared with brokerage and renovation costs. |
| Judicial scrivener | Professional fee | Often around ¥100,000 to ¥300,000, or about $625 to $1,875. This professional helps register the ownership transfer. Costs can rise when the purchase structure is more complex. |
| Loan fees | Financing | Often between 0% and 2.2% of the loan amount. The cost depends on the bank, mortgage product, and buyer profile. Foreign buyers should check financing conditions early. |
| Light renovation | Renovation | Often around ¥1 million to ¥5 million, or about $6,250 to $31,250. This can cover small repairs, paint, flooring, lighting, or appliances. It is common for older resale condos. |
| Full apartment renovation | Renovation | Often around ¥8 million to ¥25 million, or about $50,000 to $156,000. This can include kitchen, bathroom, flooring, walls, and layout work. It matters a lot for older Tokyo apartments. |
| Luxury renovation | Renovation | Often around ¥25 million to ¥80 million or more, or about $156,000 to $500,000 or more. This applies to high-end design work, imported finishes, and larger surfaces. Prime Tokyo buyers should not ignore this budget. |
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.
What properties can you buy in Tokyo in 2026 with different budgets?
With $100,000, or about ¥16 million, there is not really a normal mainstream Tokyo residential market, but a buyer may find a very small 15 to 20 sqm older studio in Adachi or Katsushika, an older leasehold unit far from a station, or a small investment property outside the 23 wards.
With $200,000, or about ¥32 million, a buyer may find an existing 25 to 30 sqm compact condominium in Katsushika, an older 30 to 35 sqm one-bedroom in Itabashi, or a small investment studio in an older building in Adachi.
With $300,000, or about ¥48 million, a buyer may find an existing 35 to 45 sqm condominium in Edogawa, a compact 30 to 40 sqm older unit in Suginami or Ota, or a small renovated apartment in an outer ward.
With $500,000, or about ¥80 million, a buyer may find an existing 55 to 65 sqm family condominium in Suginami, an older 45 to 55 sqm condo in Meguro or Shinagawa fringe locations, or a small existing detached house in Nerima or outer Setagaya.
With $1,000,000, or about ¥160 million, a buyer may find an existing 65 to 80 sqm central condominium in Shinjuku, Bunkyo, or Meguro, a new or nearly new 60 to 70 sqm condo in Koto or Chuo fringe areas, or a good family home in Setagaya or Suginami.
With $2,000,000, or about ¥320 million, there is a real luxury market in Tokyo, and a buyer may find a luxury 80 to 100 sqm condo in Minato, a high-floor tower unit in Roppongi or Akasaka, or a larger high-end family unit in prime Meguro or central-west Tokyo.
If you need a more detailed analysis, we have a blog article detailing what you can buy at different budget levels in Japan.
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 don’t throw out numbers at random.
We also aim to be fully transparent, so below we’ve listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why the source is useful | How we used the source |
|---|---|---|
| MLIT Japan Residential Property Price Index | This is Japan’s national housing price index and is based on transaction data rather than only listing prices. | We used it to anchor the long-term price direction in Tokyo. We also used it to avoid relying only on asking prices from listing websites. |
| East Japan REINS Market Watch | REINS is the official real estate transaction network for East Japan and publishes contract data for used homes. | We used it as the main source for resale condominium prices and price per sqm. We also used it to estimate the gap between asking prices and actual sale prices. |
| Real Estate Economic Institute new condominium market | This is a standard Japanese source for new condominium launches, supply, contract rates, and prices. | We used it for new-build condominium pricing in the Tokyo 23 wards. We also used the central-ward figures to separate mainstream and luxury new-build pricing. |
| Tokyo official land-price summaries | This source presents official land-price information from Japanese public data in English. | We used it to understand residential land momentum in Tokyo. We treated it as a secondary presentation of official data, not as a private housing index. |
| Statistics Bureau of Japan CPI | This is Japan’s official consumer-price source. | We used it to adjust housing price changes for inflation. We also used it to make sure nominal price gains were not confused with real gains. |
| IMF World Economic Outlook Japan inflation forecast | The IMF gives a widely used macroeconomic forecast for Japan. | We used it only for the 2026 inflation sense-check. We did not use it to estimate property prices directly. |
| Bank of Japan daily exchange rates | The Bank of Japan is the official source for market exchange-rate reference data in Japan. | We used it as the official FX reference framework. We rounded the 2026 working conversion to ¥160 per dollar for easier reading. |
| European Central Bank EUR/JPY reference rate | The ECB publishes transparent daily euro reference rates. | We used it to cross-check the euro conversion. We rounded the 2026 working conversion to ¥185 per euro for easier reading. |
| National Tax Agency stamp duty | This is Japan’s official tax authority. | We used it for purchase-contract stamp-duty ranges. We included these amounts in the total acquisition-cost section. |
| Tokyo Metropolitan Taxation Bureau real estate acquisition tax | This is the official Tokyo authority for real estate acquisition tax. | We used it to estimate buyer taxes in Tokyo. We combined it with brokerage, registration, and renovation assumptions to show total cash needed after the purchase price. |
| MLIT Land General Information System | This official database helps users understand real estate transaction information across Japan. | We used it as a background check for transaction-based market logic. We did not treat individual observations as exact values for the whole Tokyo market. |
| MLIT official land price publication | This is an official Japanese government source for land-price benchmarks. | We used it to sense-check central and outer Tokyo land momentum. We used it carefully because land prices are not the same as finished housing prices. |
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