Tokyo-Area Investment Condos Average ¥37.03m in H1 2026, and the Sub-¥25m Entry Tier Has All But Vanished
- The average price of a Greater Tokyo investment condominium was ¥37.03 million in the first half of 2026, up ¥2.69 million (7.8%) from ¥34.34 million a year earlier.
- Price per square metre reached ¥1.456 million, up ¥122,000 (9.1%) from ¥1.334 million — a bigger gain than the headline price.
- The gap is floor area: average exclusive area shrank 1.2% to 25.43 sqm from 25.74 sqm, which flatters the total-price figure.
- Units priced at or below ¥25 million numbered just 2, or 0.1% of supply, against 121 units and 6.5% a year earlier. The entry tier has effectively disappeared within a year.
- For context, the sub-¥25 million tier accounted for 47 units (1.1%) in full-year 2024 and 129 units (3.2%) in full-year 2025; this half-year's 2 units is the lowest of the four periods.
- Against annual levels: full-year 2025 averaged ¥36.26 million and ¥1.366 million per sqm, so the first half of 2026 is a clear step up.
- The report does not publish rents or yields. Our observation is limited to price: a 9.1% rise in unit price alongside a 1.2% cut in floor area will compress gross yields unless rents keep pace — buyers need to test this on individual properties rather than infer it from this release.
This is the first instalment of our price line for Greater Tokyo investment condominiums, which will run the same two charts and the same indicators every half year.
The average price in the first half of 2026 was ¥37.03 million, up ¥2.69 million or 7.8% from ¥34.34 million a year earlier. Price per square metre was ¥1.456 million, up ¥122,000 or 9.1% from ¥1.334 million.
The gap between those two rates is the story. Average exclusive floor area fell from 25.74 to 25.43 square metres, down 1.2%, which is exactly why the headline price looks calmer than the underlying unit price. Shrinking the unit to hold the sticker price inside an affordable band is the oldest trick in this segment.
The price bands are where the real change shows. Units at or below ¥25 million came to just 2 this half, 0.1% of supply, against 121 units and 6.5% a year earlier — and 47 units (1.1%) in full-year 2024, 129 units (3.2%) in full-year 2025. The long-repeated pitch of buying a Tokyo-area studio for the mid-twenty-millions has essentially left the new-build market. That budget now points to second-hand stock, which carries a different risk profile: building age, reserve funds for repairs and management quality all have to be checked individually.
Against annual levels the direction is the same. Full-year 2025 averaged ¥36.26 million and ¥1.366 million per square metre; this half-year jumps to ¥37.03 million and ¥1.456 million. Half-year figures get pulled around by which projects happen to launch, so the annual picture will not settle until the full-year release early next year.
One caveat stated plainly: this release publishes no rent or yield data. Our note that gross yields face compression is an inference from price alone — unit prices up 9.1% while floor area shrinks 1.2%. Test it against actual rents on specific properties. All figures from Real Estate Economic Institute Co., Ltd., published 5 August 2026.
