Tokyo's Central 5 Wards See Increased Price Reduction Pressure in Q1 2026, Signifying a Shift in the Used Condominium Market
In Q1 2026, the used condominium market in Tokyo's central five wards experienced intensified price reduction pressure, with the markdown rate rising to 6.24%, the highest since 2023. Meanwhile, the overall Tokyo 23 wards market remained stable, highlighting localized market distortions.
📋 Article Processing Timeline
- 📰 Published: April 4, 2026 at 04:00
- 🔍 Collected: April 4, 2026 at 05:30 (1h 30m after Published)
- 🤖 AI Analyzed: April 21, 2026 at 13:33 (416h 3m after Collected)
## ■ Overview of Q1 2026: The Market Quietly Approaches a Turning Point
As April 2026 begins, the first quarter has already passed. Looking back at the used condominium market during this period, while no major fluctuations are outwardly visible, a clear distortion is beginning to emerge when viewed by area. The temperature difference in the market is gradually becoming apparent, especially between central Tokyo and other areas.
## ■ Expanding Price Reduction Pressure in Tokyo's Central 5 Wards
The most significant change compared to the previous quarter is the expansion of price reduction margins in the central five wards. While the markdown rate for used condominiums in the central five wards was 5.77% in October-December 2025, it rose to 6.24% in January-March 2026, marking the highest level since 2023.
Furthermore, it is noteworthy that this markdown rate has been continuously increasing since July-September 2024. This suggests that it is not a temporary adjustment but a structural pressure forcing sellers to revise prices. The fact that the supply-demand balance is beginning to shift in the central five wards, which have previously driven price increases, can be considered an important signal for the overall market.
## ■ The 23 Wards Overall Remain Stable
On the other hand, the situation is significantly different when looking at the entire Tokyo 23 wards. The markdown rate for used condominiums in January-March 2026 was 5.53%, a slight increase compared to the previous quarter, with the overall trend remaining flat.
From this, it can be seen that, at least from a macro perspective, the 23-ward market shows no signs of a sharp market deterioration or collapse in supply and demand. In other words, the intensifying price reduction pressure observed in the central five wards is not spreading to the entire 23 wards but is a phenomenon limited to specific areas.
This contrast between "localized adjustment" and "overall stability" is a crucial perspective for understanding the current market.
## ■ Change in Liquidity: Difficulty in Selling in the Central 5 Wards
Furthermore, looking at the trends in sales periods and the number of price reductions in the central five wards, both are on an increasing trend. This means that it is not simply a matter of lowering prices, but a situation where "even with price reductions, properties are difficult to sell" is emerging.
Compared to traditional market conditions where a certain price adjustment would lead to a closing, it can be inferred that buyers are now becoming more selective. Not only price, but also location, age of construction, floor area, and brand.
As April 2026 begins, the first quarter has already passed. Looking back at the used condominium market during this period, while no major fluctuations are outwardly visible, a clear distortion is beginning to emerge when viewed by area. The temperature difference in the market is gradually becoming apparent, especially between central Tokyo and other areas.
## ■ Expanding Price Reduction Pressure in Tokyo's Central 5 Wards
The most significant change compared to the previous quarter is the expansion of price reduction margins in the central five wards. While the markdown rate for used condominiums in the central five wards was 5.77% in October-December 2025, it rose to 6.24% in January-March 2026, marking the highest level since 2023.
Furthermore, it is noteworthy that this markdown rate has been continuously increasing since July-September 2024. This suggests that it is not a temporary adjustment but a structural pressure forcing sellers to revise prices. The fact that the supply-demand balance is beginning to shift in the central five wards, which have previously driven price increases, can be considered an important signal for the overall market.
## ■ The 23 Wards Overall Remain Stable
On the other hand, the situation is significantly different when looking at the entire Tokyo 23 wards. The markdown rate for used condominiums in January-March 2026 was 5.53%, a slight increase compared to the previous quarter, with the overall trend remaining flat.
From this, it can be seen that, at least from a macro perspective, the 23-ward market shows no signs of a sharp market deterioration or collapse in supply and demand. In other words, the intensifying price reduction pressure observed in the central five wards is not spreading to the entire 23 wards but is a phenomenon limited to specific areas.
This contrast between "localized adjustment" and "overall stability" is a crucial perspective for understanding the current market.
## ■ Change in Liquidity: Difficulty in Selling in the Central 5 Wards
Furthermore, looking at the trends in sales periods and the number of price reductions in the central five wards, both are on an increasing trend. This means that it is not simply a matter of lowering prices, but a situation where "even with price reductions, properties are difficult to sell" is emerging.
Compared to traditional market conditions where a certain price adjustment would lead to a closing, it can be inferred that buyers are now becoming more selective. Not only price, but also location, age of construction, floor area, and brand.