2025 Top 100 Used Condominium Price Appreciation Ranking: Price Hikes Accelerate, Centered on City Centers, with Some Properties Doubling in Asset Value

Mercury Co., Ltd. (Headquarters: Minato-ku, Tokyo; Representative Director: Takahiro Jin; Securities Code: 5025; hereinafter "the Company"), which provides a real estate marketing platform utilizing real estate big data and AI technology, has conducted a survey on the "average property price appreciation rate"—which indicates the change in price from the time of new construction—for used condominiums traded in 2025, and has compiled the top 100 properties into a ranking.

In 2025, the used condominium market continued to see significant price increases, particularly in the heart of Tokyo. As properties trading at prices far exceeding their original new-build prices continue to emerge, we investigated what kind of properties are maintaining and improving their asset value.

For this report, we calculated how much, on average, properties traded in the 2025 used market have appreciated since their initial sale, and compiled the top 100 properties with the highest appreciation rates into a ranking.

Used Condominium Price Appreciation Ranking

The #1 Property is Approximately 6.7 Times the New-Build Price!

The top-ranked property was "Hirakawacho Mori Tower Residence," with an appreciation rate of +567.7% (approximately 6.68 times the original new-build price). The price surge among the top properties is remarkable, with three properties showing an appreciation of +400% (5 times the new-build price) or more, and 18 properties showing +300% (4 times the new-build price) or more.

Furthermore, even the 100th-ranked property, "Towa City Homes Nihonbashi East," had an appreciation rate of +232.6% (approximately 3.33 times the new-build price), exceeding +200% (3 times the new-build price), which symbolizes the overheating of the condominium market in the Tokyo metropolitan area.

Properties in Tokyo's City Center Account for the Majority

Among the top 100 properties, only 10 were located outside of Tokyo's 23 wards: 6 in Kyoto Prefecture, 3 in Kanagawa Prefecture, and 1 in Osaka Prefecture. The vast majority of the others were located in the city centers of Tokyo's 23 wards, such as Chiyoda, Chuo, and Minato wards, demonstrating how these areas have formed a localized, exceptionally high market.

40% are Tower Mansions

Among the top 100 properties, 40 were tower mansions (20 stories or higher), accounting for 40% of the total. Considering the supply ratio of tower mansions versus general condominiums, it can be said that the probability of tower mansions having a high appreciation rate is quite high. On the other hand, 60 of the top 100 properties were not tower mansions, indicating that properties with high asset value (price) that are resistant to depreciation (or likely to appreciate) are not necessarily limited to tower mansions.

2005 is the Most Common Completion Year

Looking at the completion years of the top 100 properties, 2005 was the most common with 15 properties, followed by 2003 and 2014. Many of the properties completed in 2005 were sold between 2003 and 2004. This was an era when a large volume of new condominiums was being supplied, and because the original new-build prices were considerably lower than they are today, they tend to have higher appreciation rates. The early 2000s also saw lower costs for construction land, materials, and labor compared to today, which is one reason why these buildings generally have higher quality than current new-builds and do not look outdated even after nearly 20 years, contributing to their high appreciation rates.

Significant Increase Compared to 2024

Compared to 2024, 27 properties saw their appreciation rate rise by more than 100 points. Furthermore, 3 properties saw an increase of more than 200 points, and only 2 of the top 100 properties saw a decline compared to the previous year. While 2024 was also a year of significant growth in the real estate market, it is clear that the market rose even more sharply in 2025.

While the used condominium market saw a major rise in 2025, the environment surrounding real estate is likely to change in 2026 due to factors such as rising interest rates, exchange rate fluctuations, and moves to manage or curb real estate purchases by foreigners. We have begun to hear voices suggesting that the real estate market in city centers, which has been driving the price hikes, is reaching a plateau.

Whether real estate prices will continue to rise, remain high, or turn downward is a point of interest, and the 2026 real estate market is one to watch closely.

・Appreciation rates are calculated based on new-build condominium data and used condominium distribution data from Realnet Mansion Summary. ・Target properties are those newly built in the Tokyo metropolitan area (Tokyo, Kanagawa, Saitama, Chiba, Ibaraki, Tochigi, Gunma) since 1995; in the Kansai region (Osaka, Kyoto, Hyogo, Nara, Shiga, Wakayama) since 2002; and in the Tokai region (Aichi, Mie, Gifu) since 2003, which were traded in the used market between January 2025 and the end of December 2025. ・Investment properties are excluded.