The Greater Tokyo Area’s existing condominium market kept growing through early 2026, with sales rising for the 16th straight month in February. Transactions reached 4,241 units in February 2026, up 2.1% from a year earlier. The average price per square meter climbed 8.2% to ¥856,100, extending a streak of price increases that now stretches back 70 consecutive months to May 2020.
For anyone watching Tokyo’s property market, the message has not changed. Demand for existing condos remains strong, and prices keep climbing even as the Bank of Japan holds interest rates at their highest level in 30 years. Here is what the latest numbers show and what they mean for buyers, sellers, and anyone thinking about the Tokyo housing market.
What Does the Latest REINS Data Show?
The REINS Market Watch reports for January and February 2026 cover both condominiums (called “mansions” in Japanese) and detached houses across the Greater Tokyo Area. This includes Tokyo, Saitama, Chiba, and Kanagawa prefectures. The data tracks three types of properties: those that sold during the month, newly listed properties, and properties still available for sale.
How Are Existing Tokyo Condo Sales Performing?
Existing condominium transactions across the Greater Tokyo Area reached 4,241 units in February 2026, up 2.1% from the same month last year. This continues a growth trend that started in November 2024 and has now lasted 16 consecutive months. While the growth rate has slowed compared to the double-digit jumps seen in late 2025, the direction has stayed the same.
New listings came in at 15,453 units, down 0.3% year-on-year. This was the first decline in new listings in three months. Meanwhile, the number of condos sitting unsold on the market fell to 45,112 units, down 0.2% year-on-year. This marks seven consecutive months of declining inventory, meaning available supply continues to tighten.
In simple terms, more condos are selling, fewer are sitting on the market, and new supply has started to shrink. That combination tends to support prices.
How Much Do Existing Tokyo Condos Cost Now?
The average transaction price per square meter reached ¥856,100 in February 2026, up 8.2% from a year earlier. This figure has now risen for 70 straight months. To put that in context, the January 2026 reading of ¥869,900 surpassed the previous highest recorded level from September 1990, when it was ¥850,000 per square meter. While February’s figure dipped slightly from January, prices remain well above the last recorded highs.
The average total transaction price for a condo was ¥54.58 million (roughly $345,000 USD at as of April 1st), up 9.5% year-on-year. This marked the 16th consecutive month of rising unit prices.
The average floor area of condos that sold was 63.75 square meters, which is about 686 square feet. This is a standard two-bedroom apartment size in Tokyo. The average building age was 27.14 years, meaning most transactions involve properties built in the late 1990s.
How Do Prices Vary Across the Greater Tokyo Area?
Prices and transaction activity vary a lot depending on location. Central Tokyo leads in price per square meter, but some outer areas saw faster growth in the number of deals. Here is how each area performed in January 2026.
| Area | Units Sold | YoY Change | ¥/m² | Price YoY | Avg Price |
| Tokyo 23 Wards | 1,433 | -2.4% | ¥1,375,000 | +11.3% | ¥79,520,000 |
| Tokyo (Tama) | 319 | +9.6% | ¥581,500 | +3.4% | ¥39,390,000 |
| Saitama | 397 | +9.4% | ¥467,600 | +10.5% | ¥31,900,000 |
| Chiba | 355 | -3.0% | ¥386,000 | -6.5% | ¥27,490,000 |
| Kanagawa | 839 | +11.3% | ¥620,700 | +5.4% | ¥41,370,000 |
| Yokohama/Kawasaki | 595 | +8.8% | ¥696,100 | +6.7% | ¥46,240,000 |
Source: REINS Monthly Market Watch Summary Report, January 2026. Price per m²
Tokyo’s 23 central wards remain the most expensive area, with an average price per square meter of ¥1.375 million. That is more than double the figure in Saitama or Chiba. However, transaction numbers in the 23 wards actually dipped 2.4% from a year earlier, while Kanagawa surged 11.3% and Saitama grew 9.4%. This suggests some buyers are looking outside central Tokyo for more affordable options.
Chiba stood out as the only prefecture where both transactions and prices fell year-on-year, dropping 3.0% and 6.5% respectively. This was the first decline in transactions for Chiba since October 2023.
What About Detached Houses?
Existing detached house transactions also showed continued growth. Sales climbed 13.0% year-on-year to 1,910 units in February 2026, extending the growth streak to 16 months. The average transaction price rose 5.0% to ¥41.15 million, staying above the ¥40 million mark for the fourth consecutive month.
By prefecture, transactions rose 4.7% in Tokyo (584 deals), 37.2% in Saitama (446), 9.3% in Chiba (399), and 8.8% in Kanagawa (481). All areas posted gains, unlike the condo market where Tokyo saw a dip.
Why Are Prices Still Rising?
Source: Tokyo Condominium Prices Surge as New Supply Drops | Housing Japan
Several factors help explain why Tokyo’s existing condo prices have risen for 70 straight months:
Limited new supply
Construction costs in Japan have risen sharply due to higher material prices and labor shortages. This has slowed the pace of new condominium development, pushing more buyers toward the existing market. When fewer new homes are built, competition for existing ones increases.
Foreign buyer demand
The Japanese yen has remained relatively weak compared to the US dollar, euro, and other major currencies. This has made Tokyo property more affordable for overseas buyers. Foreign capital has become a significant force in Tokyo’s premium property market, with buyers from the United States, Europe, Southeast Asia, and Greater China active in high-end transactions.
Interest rates are still low by global standards
The Bank of Japan raised its policy rate to 0.75% in December 2025, the highest level in 30 years. However, compared to mortgage rates in the United States or Europe, Japanese borrowing costs remain very low. Most variable-rate mortgages in Japan are still around 1%, and many fixed-rate options remain under 2%. This keeps monthly payments manageable for many buyers.
Shrinking inventory
With condo inventory falling for six straight months, buyers have fewer options to choose from. This creates competition for well-located properties and pushes prices upward, especially in popular neighborhoods near major train stations.
A more selective market
While overall prices keep rising, buyers have become pickier about what they will pay top prices for. Properties near train stations with good building management and modern earthquake standards continue to sell quickly. Units with drawbacks like long walks to the station, aging building systems, or high management fees are sitting on the market longer. This gap between strong and weak properties has been growing throughout 2025 and into 2026.
What Does This Mean for Buyers and Sellers in Tokyo?
If You Are Thinking About Buying a Tokyo Property
The data suggests that waiting for a major price drop in central Tokyo is unlikely to pay off soon. Prices have risen consistently for nearly six years, and the factors supporting them, such as limited supply, foreign demand, and low interest rates, remain in place. That said, the market is becoming more selective. Properties in strong locations near train stations continue to sell quickly, while units with drawbacks like poor building management or inconvenient access are taking longer to move.
If You Are Thinking About Selling a Tokyo Property
Sellers currently benefit from tight inventory and steady demand. With available condo listings falling for six consecutive months, well-priced properties in good locations are attracting buyers relatively quickly. The spring months of February through April tend to be the most active period for real estate transactions in Japan, so timing a listing for this window could be advantageous.
Whether you are buying or selling, having the right support makes a big difference in Tokyo’s fast-moving market. Housing Japan has been helping people navigate Tokyo real estate for over 25 years. Our bilingual team works in English and Japanese, which means we handle everything from reading REINS data and negotiating with sellers to managing contracts and liaising with banks on your behalf. You don’t need to speak Japanese or understand the local paperwork to move forward with confidence.
If you’re looking to buy, we can help you find properties that match your budget and location needs, assess building management quality, and avoid the kinds of units that are sitting unsold. If you’re looking to sell, we can advise on pricing, timing, and how to position your property in a market where well-located condos are moving quickly.
Get in touch with Housing Japan to speak with one of our property specialists about your goals in the Tokyo market.
How Could Japan Interest Rate Changes Affect the Market?
The Bank of Japan raised its policy rate to 0.75% in December 2025, the highest level in 30 years. Since then, the BOJ has held rates steady at both its January and March 2026 meetings. The March decision passed by an 8-1 vote, with board member Hajime Takata again pushing for an immediate increase to 1.0%.
The BOJ’s cautious approach reflects growing uncertainty about the global outlook. The conflict in the Middle East has pushed up oil prices, which matters a lot for Japan since the country imports roughly 95% of its energy from the region. Higher energy costs feed into construction expenses, household bills, and overall inflation. The BOJ noted that oil prices could create upward pressure on inflation, which makes the timing of the next rate increase harder to predict.
Most analysts now expect the next rate increase to come by October 2026, with some seeing a possible move as early as June if the yen weakens further. The policy rate could reach 1.0% to 1.25% over the next 12 to 18 months, but the pace will depend on how wages, inflation, and global risks develop. Political factors also play a role. Prime Minister Sanae Takaichi has reportedly expressed caution about further rate increases, adding another layer of uncertainty to the outlook.
For the housing market, the key point is that even with further increases, Japanese mortgage rates would remain well below those in most other developed countries. Most variable-rate mortgages in Japan are still around 1%, and many fixed-rate options remain under 2%. Many Japanese banks review their base mortgage rates in April and October, so borrowers on variable-rate loans may see small increases in the coming months. However, a sudden sharp rate spike remains unlikely given the BOJ’s gradual approach.
The bigger concern for some buyers is the combination of rising rates and already-high prices, which together reduce how much people can borrow. Longer mortgage terms, including 50-year loans now offered by some banks, have become one way lenders are helping buyers manage monthly payments.
Early 2026 Greater Tokyo Area: At a Glance
| Metric | Condos | Detached Houses |
| Transactions | 4,241 | 1,910 |
| Year-on-year change | +2.1% | +13.0% |
| Consecutive months of growth | 16 | 16 |
| Average transaction price | ¥54,580,000 | ¥41,150,000 |
| Price year-on-year change | +9.5% | +5.0% |
| Price per m² (condos only) | ¥856,100 | — |
| Months of consecutive m² price rises | 70 | — |
| New listings | 15,453 | 6,361 |
| Inventory (units for sale) | 45,112 | 23,539 |
| Inventory year-on-year change | -0.2% | +0.4% |
Source: REINS Monthly Market Watch Summary Report, February 2026
Q&A: Tokyo’s Existing Condo Market in 2026
What is REINS and why does its data matter? REINS stands for Real Estate Information Network System. It is a government-designated computer network operated by the Real Estate Information Network for East Japan, a public interest foundation under the Ministry of Land, Infrastructure, Transport and Tourism. Licensed real estate agents are required to register property listings through REINS, making it one of the most comprehensive sources of transaction data for the Greater Tokyo Area.
Have condo prices in Tokyo hit new highs? Yes, on a price-per-square-meter basis. The average transaction price per square meter in January 2026 reached ¥869,900, which exceeded the September 1990 figure of ¥850,000 per square meter. February’s figure of ¥856,100 dipped slightly but remained above the previous recorded highs. The market today is different from the 1990s. Current prices are supported by real demand from domestic and international buyers, low interest rates, and genuine supply constraints, rather than speculative lending.
Are prices rising everywhere in the Tokyo area? No. The January 2026 data shows clear differences by location. Tokyo’s 23 wards and Kanagawa both saw price increases, but Chiba experienced a 6.5% decline in average transaction price. Even within Tokyo, the 23 central wards saw transactions dip slightly while the western Tama region posted a 9.6% increase in deals. The market is becoming more selective, with strong demand concentrated in well-connected areas.
How do interest rate increases affect existing condo prices in Tokyo? Rising interest rates increase monthly mortgage payments, which can reduce how much buyers are able to borrow. However, the Bank of Japan has held rates steady at 0.75% at both its January and March 2026 meetings, and has signaled a gradual approach to any further increases. Japanese mortgage rates remain very low by international standards. Most analysts expect the next rate increase by October 2026, but the timing depends on wages, inflation, and global risks including the Middle East conflict. The combination of limited supply, foreign demand, and a weak yen continues to support prices in major urban areas.
Is now a good time to buy a condo in Tokyo? This depends on individual circumstances. The data shows that well-located properties continue to sell quickly and prices have risen steadily for nearly six years. Waiting for a major correction has not been a winning strategy in recent years. However, buyers should be selective. Properties near train stations with good building management tend to hold value, while units with drawbacks are taking longer to sell. Buyers should also factor in potential future rate increases when calculating their budget.
What Next?
Whether you are just starting to explore the Tokyo property market or are ready to make a move, Housing Japan is here to help. We specialize in buying, selling, and managing luxury residential real estate in central Tokyo. With 25 years of experience our multilingual team can guide you through every step of the process, from understanding market data like the REINS reports to finding the right property and completing the transaction.
Sources: Real Estate Information Network for East Japan (REINS), Monthly Market Watch Summary Reports, January and February 2026 (JP only); Bank of Japan Monetary Policy Meeting, March 2026
