Average price of existing condominium sales in Tokyo Metropolitan Area (JPY 10,000 per sq. m.)
Apartment prices in Tokyo, Japan.
The Land Institute of Japan publishes a monthly bulletin with average prices of existing condominium sales in Tokyo and Osaka. It started in 2004.
The Japan Real Estate Institute (JREI) releases a semi-annual urban land price index coving the major cities, from 1955.
For Tokyo, up to date figures are also published by Akasaka Real Estate.
Apartment prices in Tokyo, % change 1 yr
Nominal and inflation-adjusted ('real')
Quarterly change in house prices, inflation-adjusted
| Q1 | Q2 | Q3 | Q4 | |
| 2025 | 0.87% | 4.91% | 1.93% | |
| 2024 | 1.03% | 1.78% | -3.30% | 1.22% |
| 2023 | -0.45% | 2.71% | -0.71% | 2.71% |
| 2022 | 0.90% | 1.73% | 1.84% | 0.25% |
| 2021 | 1.97% | 1.08% | 3.94% | 3.29% |
| 2020 | -1.34% | -0.67% | 4.69% | 3.39% |
| 2019 | 2.95% | -2.33% | 1.66% | 1.64% |
| 2018 | 0.54% | -0.40% | -1.68% | 2.20% |
| 2017 | -0.71% | 0.28% | 1.83% | 1.87% |
| 2016 | 5.35% | -0.20% | 2.79% | 1.06% |
| 2015 | 0.98% | -0.45% | 1.95% | -1.38% |
| 2014 | 2.81% | -0.32% | -0.65% | 6.31% |
| 2013 | 3.51% | 0.19% | 1.59% | -1.35% |
| 2012 | -0.95% | -1.91% | -0.20% | 2.11% |
| 2011 | -2.84% | -1.79% | 0.66% | 0.44% |
| 2010 | 0.20% | -0.29% | 3.08% | 1.98% |
| 2009 | -2.58% | 1.38% | -0.78% | 2.97% |
| 2008 | -1.58% | 0.00% | -3.94% | 0.68% |
| 2007 | 3.87% | 1.71% | 3.72% | 1.03% |
| 2006 | 0.71% | 0.42% | 1.40% | 5.58% |
| 2005 | 2.71% | 1.90% | -0.44% | 2.98% |
| 2004 | 0.81% | 3.52% | 0.24% | -2.06% |
| 2003 | 0.78% | -0.71% | -0.68% | 0.50% |
| 2002 | -1.86% | 1.04% | -1.78% | 2.03% |
| 2001 | -1.58% | -1.48% | -0.60% | 1.99% |
| 2000 | -0.15% | -0.83% | -2.10% | 0.92% |
| 1999 | 0.54% | 0.31% | -2.23% | -2.80% |
| 1998 | -1.57% | -3.81% | -1.29% | -0.20% |
| 1997 | 0.89% | -5.42% | -0.10% | -2.01% |
| 1996 | 1.22% | -0.14% | -3.34% | 0.15% |
| 1995 | -9.12% | -5.41% | -4.41% | -2.65% |
| 1994 | -2.79% | -1.29% | -5.27% | -2.70% |
| 1993 | -2.51% | -0.58% | -3.12% | -0.31% |
| 1992 | -2.25% | 0.46% | -2.43% |
This table shows the change in house prices during a single quarter, adjusted for inflation.
Adjusting house price rises (or declines) for inflation produces a more accurate picture of the change in value of housing than the usual nominal figures cited in the newspapers.
Yearly change in house prices, nominal and inflation-adjusted
| Year | Inflation Adjusted | Nominal Change |
| 2025 | 0.61% | 3.54% |
| 2024 | 0.64% | 4.32% |
| 2023 | 4.27% | 6.98% |
| 2022 | 4.80% | 8.99% |
| 2021 | 10.65% | 11.54% |
| 2020 | 6.08% | 4.81% |
| 2019 | 3.90% | 4.73% |
| 2018 | 0.61% | 0.90% |
| 2017 | 3.28% | 4.34% |
| 2016 | 9.22% | 9.55% |
| 2015 | 1.07% | 1.27% |
| 2014 | 8.24% | 10.84% |
| 2013 | 3.93% | 5.58% |
| 2012 | -1.00% | -1.19% |
| 2011 | -3.52% | -3.72% |
| 2010 | 5.02% | 4.68% |
| 2009 | 0.89% | -0.77% |
| 2008 | -4.82% | -4.43% |
| 2007 | 10.71% | 11.42% |
| 2006 | 8.28% | 8.61% |
| 2005 | 7.30% | 6.85% |
| 2004 | 2.46% | 2.68% |
| 2003 | -0.12% | -0.55% |
| 2002 | -0.62% | -0.93% |
| 2001 | -1.70% | -2.82% |
| 2000 | -2.17% | -2.56% |
| 1999 | -4.16% | -5.23% |
| 1998 | -6.73% | -6.16% |
| 1997 | -6.58% | -4.93% |
| 1996 | -2.16% | -1.55% |
| 1995 | -20.00% | -20.33% |
| 1994 | -11.55% | -10.90% |
| 1993 | -6.39% | -5.50% |
This table shows how house prices have changed over each year. It compares the latest quarter or month of a given year with the same period the year before, so you can quickly see whether prices went up or down over that year.
