The average price of a new condominium in greater Tokyo fell about 40% in two months, from a record ¥164.93 million in July to ¥95.52 million in September, according to the Real Estate Economic Institute. September marked the second straight monthly decline, down about 2.2% from August.
The drop lands on a market that had climbed steeply for years. The average price across the region rose about 50% between 2020 and 2025, from ¥60.83 million to ¥91.82 million. In the 23 central wards of Tokyo the rise was sharper still: about 80%, from ¥77.12 million to ¥136.13 million, putting ¥100 million apartments out of the ordinary.
Unsold units in the bay area
At a viewing event in mid-October for a tower condominium in Tokyo's bay area, a room in an office tower about a 20-minute walk from the property, healing music played and two visitors, apparently in their 30s, sat through the weekend afternoon. A staff member said the developer releases only a few dozen units at a time and moves prices up or down with the surrounding market.
Sales at the building began several years ago, and just under 40% of its units remain unsold, according to the staff member. When the tower first went on sale, lottery odds for a unit topped 100-to-1. One unit's price has since fallen by ¥30 million, a drop that drew attention on social media.
“Condos have a market price, you know.”a sales representative at the viewing event
The correction has begun as the cheap money that fed the boom gets more expensive. The Bank of Japan has raised interest rates, and the full article examines rising rates, Chinese buyers and resellers as factors behind the slide, alongside the areas where prices have stalled and those still rising.