Tokyo Property Prices by Area: Independent Data Guide (2026)

Tokyo property prices are best read as several overlapping markets, not one citywide number. The official land-price layer shows how the value of residential land differs by ward and location, while condominium reports show the price buyers are actually seeing in new and existing apartment stock. For the 2026 Official Land Price cycle, MLIT reports a Tokyo 23-ward residential land average of ¥856,400 per m² across 871 standard residential sites. The same official dataset shows central-ward levels far above the ward average, including Chiyoda-ku at ¥3,631,400 per m² and Minato-ku at ¥3,013,700 per m². New-build condominiums are even more concentrated at the high end: the Tokyo 23 wards recorded an FY2025 average new-condominium price of ¥137.84 million, or ¥2.143 million per m². Used-condominium contracts provide a more practical resale benchmark, with Tokyo 23-ward March 2026 contracts averaging ¥1.361 million per m² and ¥79.93 million per unit. This guide separates these indicators so buyers, sellers, lenders, and researchers can compare areas without confusing land values, asking-price indices, and signed resale contracts.

The table below uses independent, named data sources and keeps each metric in its own lane. MLIT official land prices are benchmark land values per square metre for standard sites, not sale prices for an apartment unit. Real Estate Economic Institute figures describe new condominiums released for sale in FY2025, while REINS figures describe used-condominium contracts reported in March 2026. Tokyo Kantei’s 70 m² series is useful for a standardized used-condominium comparison, but it should not be mixed with REINS contract averages without noting the methodology.

Tokyo area pricing works through three different measurement systems. First, the Official Land Price is a public benchmark: MLIT states that it is the normal price per square metre for standard sites as of January 1, determined under the Public Notice of Land Prices Act. This makes it strong for comparing land value by ward, but it does not include a condominium building, management condition, floor level, leasehold status, view, or renovation history. Second, new-condominium data tracks units released for sale, which means the average can move sharply when a few expensive high-rise or central projects launch in the same period. Third, used-condominium data from REINS is closer to what buyers actually transact in the resale market; for March 2026, Tokyo 23-ward used-condominium contracts averaged ¥1.361 million per m² and ¥79.93 million per unit. A sensible area analysis therefore compares like with like: Minato-ku official land values against other official land values, new condominiums against new-condominium supply, and resale contracts against resale contracts. The gap between these series is not an error; it reflects different property types, sample periods, building ages, and sampling rules.

This guide applies to four main groups. Buyers can use the land-price layer to understand why two stations on the same rail line can have very different acquisition costs, then use resale-contract data to test whether an advertised unit is realistic for its age and size. Sellers can benchmark their ward against actual contract prices rather than relying only on asking prices. Investors can separate capital-value strength from liquidity: REINS reported 2,145 Tokyo 23-ward used-condominium contracts in March 2026, while Real Estate Economic Institute recorded 7,708 FY2025 new-condominium units supplied in the Tokyo 23 wards. Lenders, valuers, and analysts can use the MLIT table to anchor land-value assumptions, especially where redevelopment or transport convenience has widened the gap between central wards and outer wards. Overseas readers should treat yen-denominated price-per-square-metre figures as the base comparison and convert currencies only after checking current exchange rates.

The direction of travel in Tokyo remains upward, but the pace differs sharply by area and market segment. MLIT reports that Tokyo 23-ward residential land values rose by 9.0% in the 2026 Official Land Price cycle, compared with 7.9% in the prior cycle. The strongest official residential-land increases cited by MLIT were Minato-ku at 16.6%, Taito-ku at 14.2%, and Shinagawa-ku at 13.9%, while outer wards such as Katsushika-ku, Edogawa-ku, and Nerima-ku posted smaller increases of 5.6%, 5.7%, and 6.2% respectively. Condominium data confirms that apartments have carried much of the price pressure: FY2025 new condominiums in the Tokyo 23 wards averaged ¥137.84 million, up 18.5% year on year, with a unit price of ¥2.143 million per m², up 20.9% year on year. The interest-rate backdrop is also worth watching because the Bank of Japan kept the overnight call-rate guideline around 0.75% on 2026-04-28, while dissenters proposed around 1.0%. That combination points to continued selectivity rather than a uniform Tokyo-wide boom.

The biggest mistake is comparing an advertised apartment in a prime tower with a ward-wide land average and calling the gap a discount or premium. A better process is to choose the right benchmark, adjust for building age, distance to station, usable floor area, management fee burden, repair reserve, tenure, and renovation level, then compare against actual contract evidence where possible. For used condominiums, REINS reported a March 2026 Tokyo 23-ward average building age of 25.93 years and average exclusive area of 57.82 m², so a newer or larger property should not be judged against the raw average without adjustments. For new condominiums, remember that the Tokyo 23-ward FY2025 average of ¥137.84 million was shaped by the units released during that fiscal year, not every building in the ward stock. A cautious buyer should also stress-test mortgage payments under higher interest-rate scenarios, because the Bank of Japan’s April 2026 vote showed an official guideline around 0.75% but minority support for around 1.0%.