Rising Prices of Second-Hand Condos in Tokyo's 23 Wards: A Detailed Analysis

Rising Prices of Second-Hand Condos in Tokyo's 23 Wards

According to recent research conducted by LIFULL HOME'S, the real estate and housing information service managed by LIFULL Co., Ltd., the prices of second-hand condos have experienced notable increases in Tokyo's 23 wards, especially in the years leading up to 2025. This analysis compares the published prices of second-hand condos built within the last 30 years for selected train stations between 2020 and 2025 (from January to July).

Key Highlights of the Research

- Stations with Prices Above 150 Million Yen: The number of properties has more than doubled compared to 2020, with Roppongi Ichome leading the way with a staggering price increase of 3.23 times.
- Stations with Prices Between 100 and 150 Million Yen: Areas close to the city center and those undergoing redevelopment have driven increases here—as seen with Toyosu, which increased by 2.37 times.
- Stations with Prices Between 50 and 100 Million Yen: Tatsumi in Koto Ward leads at 2.09 times, indicating a shift in market norms where prices in regions previously considered affordable are nearing a million yen.
- Stations Below 50 Million Yen: Traditional affordable areas like Adachi, Katsushika, and Itabashi have also seen price increases, setting new benchmarks for pricing, with top stations being Nishidai, Kameari, and Nishi-Arai.

Analysis of Price Trends

The surge in prices of second-hand condos in Tokyo's 23 wards cannot be overlooked, with socio-economic dynamics at play in this real estate boom. The research revealed significant shifts in the average price percentages from 2020 to 2025. In 2020, roughly 59.7% of stations showed average priced second-hand condos of fewer than 50 million yen, but this percentage dropped to 17.9% by 2025. Conversely, the proportion of stations where condos cost between 50 million and 100 million yen surged to 56.2%.

Further breakdowns indicate that the absolute rise in prices per segment has varied significantly, highlighting the appeal of urban living and the need for proximity to workplaces while also reflecting the impact of urban redevelopment initiatives.

Detailed Rankings by Price Segments

1. Condos Priced Over 150 Million Yen: The top increase in this category occurred at Roppongi Ichome, with average prices soaring to 330 million yen, revealing a market characterized by high demand for properties with excellent asset value and desirability.
2. Condos Priced Between 100 and 150 Million Yen: Toyosu made headlines with a 2.37 increase compared to 2020 prices, bringing the average to about 12.4 million yen, as the area benefits greatly from urban development.
3. Condos Priced Between 50 and 100 Million Yen: Koto Ward led this pricing segment with Tatsumi, showing an average price rise to approximately 8.7 million yen. This indicates a trend in urban dwellers seeking living spaces that offer both convenience and affordability.
4. Condos Below 50 Million Yen: Areas like Nishidai and Nishi-Arai now see average pricing nearing the 5 million yen threshold, showing substantial growth in neighborhoods that were previously seen as budget-friendly.

Expert Commentary

Toshiaki Nakayama, deputy director and chief analyst at LIFULL HOME'S Research Institute, commented on the remarkable rise in second-hand condo prices across Tokyo's wards. He stressed that this growth is indicative of a broader trend where high demand coexists with limited new supply in real estate markets, particularly focused on the premium urban areas where property investment is perceived as both a lucrative option and a long-term asset. The stark differences between the price increases of stations based on their proximity to the city center and overall demand dynamics reveal underlying growth patterns in multiple aspects of Tokyo's socioeconomic landscape.

Conclusion

The findings by LIFULL HOME'S shed light on the noteworthy appreciation of second-hand condos in Tokyo, influenced significantly by urban location, access to public transport, and redevelopment projects. As Tokyo's real estate market continues to evolve, these data points provide valuable insights not just into current trends, but also the potential future of living arrangements in this bustling metropolis. As such, buyers, investors, and market analysts alike must observe these changes closely to make informed decisions moving forward.