Key points
- Tokyo condos: the 2025 average index was 227.4 (2010 = 100), so condo prices were about ×2.27 their 2010 level and +87% on 2015. They rose every year from 2013.
- Latest month (2025-12, preliminary): 230.9, +9.8% year on year. The highest monthly reading so far was 235.6 in 2025-08.
- Houses and land are still below the bubble. The detached-house index peaked at an annual 228.3 in 1990; in 2025 it was 137.4 (-40%). Residential land: 309.2 in 1990 vs 146.0 in 2025 (-53%).
- New data is delayed. MLIT postponed the index from January 2026 onwards after a calculation-program error (notice of 28 September 2026); no new date has been set. We update this page when it is published.
- Past prices do not predict future prices. This page describes history only.
Tokyo price index since 1985
Tokyo residential property price index, annual average (2010 = 100)
The shape is two different stories. Land and houses went through the late-1980s bubble, fell for more than a decade and have climbed back only partly. Condominiums, which MLIT tracks only from 2007, have more than doubled since 2010. Part of the condo rise reflects the price of new and central stock; the index adjusts for size, age and location, but it is still an index of what actually sold.
For month-by-month figures and the resale market, see the Tokyo condo price tracker. For ward-level yen prices, see Tokyo prices by ward and Minato.
Tokyo condos vs Japan as a whole
Condominium price index: Tokyo vs all Japan, annual average (2010 = 100)
In 2025 the national condo index averaged 217.8 against Tokyo's 227.4. Both are measured against their own 2010 level, so the chart compares growth, not price levels. Other cities: Osaka, Fukuoka, all Japan house prices.
Year-by-year table
Annual averages of the monthly index (original series, not seasonally adjusted), Tokyo Metropolis, 2010 = 100. Only full calendar years. 2025 includes preliminary months, which MLIT may revise.
| Year | Residential land | Detached houses | Condominiums | Condos, change |
|---|---|---|---|---|
| 2025 | 146.0 | 137.4 | 227.4 | +10.8% |
| 2024 | 137.0 | 132.4 | 205.2 | +8.4% |
| 2023 | 133.5 | 129.7 | 189.2 | +5.4% |
| 2022 | 125.9 | 126.1 | 179.6 | +8.9% |
| 2021 | 119.1 | 113.8 | 164.9 | +7.5% |
| 2020 | 109.9 | 107.6 | 153.3 | +4.3% |
| 2019 | 115.6 | 107.8 | 147.0 | +3.9% |
| 2018 | 114.6 | 109.1 | 141.4 | +3.3% |
| 2017 | 113.9 | 106.2 | 136.9 | +5.1% |
| 2016 | 110.1 | 104.6 | 130.2 | +7.0% |
| 2015 | 105.0 | 100.8 | 121.7 | +8.6% |
| 2014 | 101.7 | 98.1 | 112.0 | +8.2% |
| 2013 | 100.4 | 98.2 | 103.5 | +3.9% |
| 2012 | 99.6 | 96.2 | 99.6 | -0.8% |
| 2011 | 98.4 | 100.0 | 100.4 | +0.4% |
| 2010 | 100.0 | 100.0 | 100.0 | +4.4% |
| 2009 | 96.6 | 97.7 | 95.8 | -3.7% |
| 2008 | 109.2 | 107.6 | 99.5 | – |
| 2007 | 121.8 | 113.9 | – | – |
| 2006 | 117.9 | 106.4 | – | – |
| 2005 | 114.2 | 100.8 | – | – |
| 2004 | 117.4 | 98.5 | – | – |
| 2003 | 115.2 | 100.0 | – | – |
| 2002 | 118.1 | 103.8 | – | – |
| 2001 | 126.6 | 110.6 | – | – |
| 2000 | 135.8 | 116.6 | – | – |
| 1999 | 137.6 | 119.4 | – | – |
| 1998 | 137.9 | 125.5 | – | – |
| 1997 | 153.9 | 138.0 | – | – |
| 1996 | 163.7 | 144.7 | – | – |
| 1995 | 147.4 | 148.2 | – | – |
| 1994 | 172.3 | 157.9 | – | – |
| 1993 | 185.2 | 159.7 | – | – |
| 1992 | 210.5 | 175.7 | – | – |
| 1991 | 264.5 | 208.6 | – | – |
| 1990 | 309.2 | 228.3 | – | – |
| 1989 | 289.4 | 193.0 | – | – |
| 1988 | 291.0 | 198.5 | – | – |
| 1987 | 300.4 | 191.9 | – | – |
| 1986 | 182.5 | 119.6 | – | – |
| 1985 | 128.2 | 100.5 | – | – |
How to read the index
- It measures change, not price. 200 means prices were twice the 2010 average, after MLIT's adjustment for quality (size, age, location). It does not tell you that a flat costs a given amount. For levels, use yen per ㎡ by ward.
- It is built from actual sales, about 300,000 transactions a year nationwide according to MLIT, not asking prices.
- The early years have another source. MLIT's Tokyo figures up to March 2008 use data from the Tokyo Association of Real Estate Appraisers, credited below.
- Recent months are preliminary and revised for three months after first release; small samples are flagged by MLIT as reference values.
- Currency matters for overseas buyers. The index is in yen. For prices in your currency, the tracker converts the latest figures.
FAQ
How much have Tokyo apartment prices risen since 2010?
On MLIT's index, Tokyo condominium prices averaged 227.4 in 2025 against 100 in 2010, about ×2.27. The latest month (2025-12) was +9.8% on a year earlier.
Are Tokyo property prices higher than in the 1990 bubble?
For land and detached houses, no: in 2025 the indexes were -40% (houses) and -53% (land) below their bubble-era annual peaks. MLIT's condo index only starts in 2007, so it cannot be compared with the bubble.
Why is there no 2026 data?
MLIT postponed the release of the index for January 2026 onwards because of an error in its calculation program (notice dated 28 September 2026). We will add the months when they are published.
Will Tokyo prices keep rising?
We don't forecast prices. The chart shows past changes only. A licensed broker can show you recent sales for a specific building or street.
Looking at Tokyo property?
We introduce licensed Japanese brokers who work with overseas buyers. We are not a real estate broker. We don't describe, recommend or negotiate properties, and we don't charge buyers. Brokers may pay us a referral fee.
Sources
- 「不動産価格指数」（国土交通省）（https://www.mlit.go.jp/totikensangyo/totikensangyo_tk5_000085.html）を加工して作成. MLIT, Residential Property Price Index: mlit.go.jp; data file (release 2026-03-31, 令和７年12月・第４四半期分): Excel. Postponement notice of 28 September 2026 on the same page (checked 3 October 2026).
- Tokyo figures up to March 2008: MLIT index using data from the Tokyo Association of Real Estate Appraisers (（公社）東京都不動産鑑定士協会), as credited by MLIT.
- Annual figures on this page are our own averages of MLIT's monthly original-series values (full calendar years only).
Last reviewed: 3 October 2026. General information, not investment advice. Past price changes do not predict future prices. Japan House Prices is not a real estate broker (宅地建物取引業者).