Monthly Report: Used Apartments in Greater Tokyo Exceeding Bubble Period Prices for 70 Consecutive MonthsA · FULL TRANSLATION
- 4,241 sales agreements (+2.1%) for February 2026; square meter prices at 856,100 yen (+8.2% and up for 70 consecutive months surpassing bubble period)
- Inventory decreased by only 0.2% to 45,112 units; new listings fell 0.3% to 15,453 — indicating halted replenishment
- Square meter prices have increased for 70 consecutive months (more accurate than average transaction price influenced by unit size and age)
- Unique perspective: Focusing on square meter prices and supply indicators of stock and new listings; market shift indicated when new listings increase or inventory rises
The East Japan Real Estate Institute (REINS) reported that used apartment transactions in the Greater Tokyo area continued to favor sellers in February 2026. The number of sales agreements reached 4,241, an increase of 2.1% year-on-year. The average price per square meter was 856,100 yen, up 8.2% year-on-year and setting a record for the 70th consecutive month, surpassing prices during the bubble period. The average transaction price was 54,580,000 yen, an increase of 9.5%. On the supply side, inventory decreased by only 0.2% to 45,112 units, while new listings fell 0.3% to 15,453. Buyers continued to enter the market, while sellers were hesitant to sell, draining inventory and maintaining price stability at high levels. Unique perspective: Focusing on square meter prices (more accurate compared to average transaction prices influenced by unit size, age, etc.) and supply indicators of stock and new listings. When new listings increase and inventory rises, it signals a shift in the seller market.
Why Taiwanese Readers Should Care: The East Japan Real Estate Institute's (REINS) data for February 2026 shows that used apartments in Greater Tokyo continued to favor sellers. With 4,241 sales agreements, a year-on-year increase of 2.1%, and an average price per square meter of 856,100 yen, up 8.2% from the same period last year, this marks the 70th consecutive month surpassing bubble era prices. For Taiwanese readers considering buying or selling in Tokyo, the key points are steady demand, rising prices, and halted new listings.
Key Insights: The supply side saw inventory of 45,112 units decrease by only 0.2%, while new listings fell to 15,453, a 0.3% year-on-year drop indicating a pause in replenishment. Buyers continued to enter the market, while sellers were hesitant to sell, draining inventory and maintaining high price levels. The most symbolic data point is the continuous increase in square meter prices for 70 months, surpassing bubble era highs.
Unique Perspective: When analyzing used apartment markets, focus on 'square meter prices' over 'average transaction prices,' which can be influenced by various factors such as unit size and age. Pay attention to supply indicators like stock levels and new listings; when new listings decrease and inventory declines, sellers maintain control of pricing power. Significant changes in these metrics precede market shifts.
Practical Tips for Taiwanese Readers: Buyers should consider the risks of rising interest rates and future resale value before chasing prices. Sellers with properties in Greater Tokyo now have a sweet window to sell as demand remains steady, new listings are scarce, and prices remain high. Set alerts on increasing new listing numbers; this signals early signs of market cooling.
What to Watch Next: Monitor whether sales agreement counts continue to increase or weaken from the high base. Observe if new listings begin to recover after a decline, as seller pricing power diminishes when new listings rise again. In the context of rising mortgage rates in 27 years, monitor how they impact price-sensitive buyers.
