【Tokyo-Area Resale Condos｜Aug 2026】Deal Price Slips to ¥816k/sq m, Below the Oct-1990 Level; Volume Down 10.5% YoY
- Our last update covered June 2026 (deal price ¥826,400/sq m; 4,241 deals). We did not publish the July issue in time, so this piece jumps to August; for reference, July's deal price was ¥841,700/sq m on 3,638 deals.
- August 2026 greater-Tokyo resale-condo deal price was ¥816,000/sq m, down 3.8% YoY (a fourth straight monthly decline) and 3.1% MoM; the report notes it has fallen below the October 1990 level (¥835,000).
- Deals totalled 3,180, down 10.5% YoY for a fifth straight month; average deal price ¥51.29m, down 2.8% YoY.
- Tokyo's 23 wards were coldest: 1,265 deals (-20.6% YoY, eighth straight monthly fall) and ¥1.3269m/sq m (-0.3% YoY), the first decline in 76 months since April 2020.
- Mind the break: East Japan REINS revised its deal-registration system from January 2025, so YoY comparisons spanning early 2025 are not fully consistent.
East Japan Real Estate Information Network (REINS) released its August 2026 Monthly Market Watch on September 10. First, continuity: our last update stopped at June 2026, when the greater-Tokyo resale-condo deal price was ¥826,400/sq m on 4,241 deals. We did not publish the July issue in time (¥841,700/sq m, 3,638 deals), so this piece picks up at August.
August's deal price came in at ¥816,000/sq m, down 3.8% year on year and 3.1% month on month — a fourth consecutive monthly fall. The report highlights that this is now below the October 1990 level of ¥835,000: on a per-square-metre basis, greater-Tokyo resale condos have slipped back toward late-bubble territory.
Volume is colder still: 3,180 deals, down 10.5% YoY and shrinking for a fifth straight month — over a thousand fewer than June. Average total price held at ¥51.29m (-2.8% YoY) because deals skewed toward larger (62.85 sq m, +1.0%) and older (28.29 years) units, cushioning totals while unit prices fell.
By area, Tokyo's 23 wards logged 1,265 deals (-20.6% YoY) and ¥1.3269m/sq m (-0.3% YoY) — the first drop in 76 months. Softening at the core often leads the wider market.
**Deal price: a fourth monthly fall, below the Oct-1990 level.** August's ¥816,000/sq m was down 3.8% YoY and 3.1% MoM. After peaking near ¥869,900 in January 2026, prices eased through the year, touching ¥807,800 in May before settling at ¥816,000 in August — now below the October 1990 mark of ¥835,000.
**Volume: a fifth straight monthly contraction.** Deals fell 10.5% YoY to 3,180, over a thousand below our last-covered June figure of 4,241 — volume weakening ahead of price, the classic sequence as demand cools.
**Mix cushions totals.** The average total price held at ¥51.29m (-2.8% YoY) as deals shifted to larger (62.85 sq m, +1.0% YoY) and older (28.29 years vs 26.28 a year earlier) units.
**Tokyo's 23 wards turn down after 76 months.** The core logged 1,265 deals (-20.6% YoY) and ¥1.3269m/sq m (-0.3% YoY), the first decline since April 2020 — often an early signal for the wider market.
**Read with the break in mind.** REINS revised its deal-registration system from January 2025; YoY figures spanning that point are not fully comparable. See the previous issue linked below.