How Tokyo Condo Prices Changed, 2021 to 2025 (Real Transaction Data)

Everyone feels that Tokyo has gotten more expensive. But by how much, and where exactly? This is not an opinion piece. It is built on 103,933 actual recorded condominium sale transactions across Tokyo, from 2021 to 2025, so you see the real trend instead of a headline. These are settled sale prices, not the asking prices you find on listing sites.

Quick answer: The median price of a used condo in Tokyo rose from 720 000 to 933 333 JPY per square metre between 2021 and 2025, a +29.6% increase. The rise was far from even: central wards like Chuo (+60.3%) and Minato (+51.9%) climbed the most, while outer wards like Edogawa (+16.4%) rose the least. The gap between the centre and the rest widened.

Tokyo condo prices, 2021 to 2025

Median transaction price per square metre, used condominiums, across all 23 wards:

• 2021: 720 000 JPY/m2
• 2025: 933 333 JPY/m2
• Change: +29.6% over 4 years

The curve is remarkably steady quarter after quarter. This is not a speculative spike, it is a sustained repricing of Tokyo real estate, driven by a weak yen, foreign demand, low interest rates and limited central supply.

The wards that rose the most

Where the increase concentrated (median JPY per m2, 2021 vs 2025):

• Chuo +60.3% (1 081 176 -> 1 733 333 JPY/m2)
• Minato +51.9% (1 228 571 -> 1 866 666 JPY/m2)
• Shibuya +41.8% (1 108 391 -> 1 571 428 JPY/m2)
• Chiyoda +34.8% (1 236 363 -> 1 666 666 JPY/m2)
• Koto +33.3% (800 000 -> 1 066 666 JPY/m2)
• Sumida +29.8% (714 285 -> 927 272 JPY/m2)

Central and bayfront wards led. A 60 m2 apartment in Chuo went from roughly 64 870 560 to 103 999 980 JPY on these medians, a gap of tens of millions of yen in four years.

The wards that rose the least

Prices went up almost everywhere, but the outer wards stayed far more accessible:

• Edogawa +16.4% (528 571 -> 615 384 JPY/m2)
• Arakawa +19.3% (670 588 -> 800 000 JPY/m2)
• Bunkyo +19.4% (1 038 181 -> 1 240 000 JPY/m2)
• Adachi +20.0% (461 538 -> 553 846 JPY/m2)
• Ota +21.6% (672 727 -> 818 181 JPY/m2)
• Nerima +21.6% (600 000 -> 729 411 JPY/m2)

If your budget is fixed, this is where it stretches furthest, and where the entry point into Tokyo ownership is still realistic.

What this means if you are buying

• The centre is pricing many buyers out. If you want central Tokyo, the window to buy cheaply has largely closed; you are buying into a proven, liquid market at a premium.
• The outer wards are the value play. Lower price per m2, milder appreciation, but real rental demand and full train access.
• Rent, then buy, is a valid strategy. See where you can afford to rent first in our cheapest Tokyo neighbourhoods ranking, and explore live rents in the Tokyo Rent Index.
• Median hides the mix. These figures track the median transaction each quarter, so a shift in what sells can move the number; treat them as a market direction, not a valuation of your specific unit.

If you want someone inside the Tokyo market to turn these trends into an actual purchase or rental, see how we work.

Data: 103,933 real recorded used-condo sale transactions, Tokyo 23 wards, 2021Q1 to 2025Q3. Median settled price per m2 in JPY, not asking prices. Updated quarterly.