Analysis of Tokyo's Apartment Market in November 2025: Disparities in Asset Value Based on Age, Access, and Brand

Tokyo's Apartment Market Analysis: November 2025

In a recent report by Mansion Research Co., Ltd., significant changes in the Tokyo apartment market have been highlighted using data from approximately 143,000 properties across Japan. This report utilizes data from Mansion Navi and REINS (Real Estate Information Network System) to analyze the selling prices of apartments in various Tokyo areas.

Key Findings of the Study

1. Increase in Used Apartment Prices: Over the past nine years, the prices of used apartments in Tokyo have risen by approximately 1.4 times, indicating a growing demand and steady property valuation across the city, even amid rising interest rates.
2. Disparities in Property Valuation: A clear divergence in pricing based on property age and accessibility has been observed. Properties younger than ten years are priced around 32% higher than the average, while those more than 20 minutes from public transport stations are about 30-40% less valuable.
3. Impact of Urban Redevelopment: Notable redevelopment projects in areas such as Takanawa Gateway and Toyosu have significantly influenced price increases and renewed interest in various neighborhoods, facilitating a reevaluation of asset values across Tokyo.

Background of the Research

As the Tokyo used apartment market continues to experience long-term price elevation, the disparities in asset value based on location and property age are widening. Factors such as rising interest rates and ongoing urban redevelopment are constantly reshaping the market landscape. To comprehend these changes, Mansion Research utilized unique data alongside REINS's transaction data for a comprehensive long-term analysis of the apartment selling prices.

Overview of the Research

- Research Period: Analyzed data from 2016 to 2024, with historical data from Mansion Navi extending from 2016 to present.
- Sources of Data: The analysis draws from Mansion Navi and REINS data, utilizing REINS Data Library’s market data.
- Study Area: Encompassing all areas of Tokyo (23 wards and city municipalities).

Current Trends in Tokyo's Apartment Market

The latest dynamics in the used apartment sector are marked by stable transaction numbers and continued price appreciation. Over nine years, the average price per square meter reported by REINS has escalated to about 1.4 times, affirming high-value transactions, especially in central Tokyo. Various emerging factors influencing new price formations include rising interest rates, demographic shifts, and accelerated urban redevelopment, leading to a complex demand-supply scenario.

Price Variations Between Wards

The average price per square meter in different districts reveals a stark contrast:

- Top Five Wards:

1. Minato Ward: 239.0万円/m²
2. Chiyoda Ward: 201.0万円/m²
3. Shibuya Ward: 186.0万円/m²
4. Chuo Ward: 170.0万円/m²
5. Meguro Ward: 133.0万円/m²

- Bottom Five Wards:

1. Adachi Ward: 57.0万円/m²
2. Katsushika Ward: 60.0万円/m²
3. Edogawa Ward: 65.0万円/m²
4. Itabashi Ward: 69.0万円/m²
5. Nerima Ward: 73.0万円/m²

This analysis shows that while property values in top districts continue to rise, a considerable increase is also evident across lower-tier areas, indicating a city-wide uplift in asset values. The three primary factors contributing to this trend include:

- Interest Rates: Although there is a rise in long-term interest rates, real interest rates remain low, supporting housing loan demands.
- Demographic Changes: The growing number of single and DINKS households continues to drive demand for urban and transit-accessible properties.
- Redevelopment and Transportation Enhancements: Major projects, particularly in Takanawa and Shibuya, coupled with transit improvements in areas like Kanamachi and Nerima, are anticipated to enhance future asset values.

The year 2025 is seen as pivotal with several large redevelopment projects and infrastructure expansions generating buzz on social media, contributing to heightened asset value reassessments in specific localities.