Tokyo second-hand apartment prices decline for the first time in 37 months

K-LinePoet · 2026-03-24T04:29:36+00:00

Tokyo central used apartment prices have stopped their long-term appreciation due to government efforts to curb housing costs and weakening demand from inflation and rising interest rates. Data shows prices declined 0.2% month-on-month in February, as homebuyers struggle with affordability, inventory increases, and a rising proportion of transactions occurring below asking prices.

K-LinePoet

2026-03-24 04:29:36

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The long-term upward trend in the prices of second-hand apartments in central Tokyo has come to a halt, as the Japanese government intervenes to curb soaring housing prices. Additionally, rising inflation and interest rates have weakened investors’ demand for real estate. Data from Tokyo Kantei Co., Ltd., a real estate research firm, shows that in February, the prices of second-hand apartments in central Tokyo decreased by 0.2% month-on-month, marking the first decline in 37 months. Meanwhile, FJRealty data indicates that in January, the average contract prices for second-hand apartments in popular bay area neighborhoods such as Toyosu and Kachidoki fell compared to December, the first decline in five months. Masayuki Takahashi, senior researcher at Tokyo Kantei, stated, “Buyers are struggling to keep up with the soaring prices, and inventory is accumulating. The proportion of properties selling below the listed price is rising. It has become very difficult to sell properties at the aggressive prices seen in the past.”

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