Used Condominium Price Trends: Slowdown in Growth in Tokyo 23 Wards, Q1 2026
Mercury Inc. reports that while Tokyo's 23 wards saw a slowdown in used condo price growth in Q1 2026, Osaka City recorded the highest growth rate at 6.3% QoQ, with average prices in Osaka exceeding 100 million yen.
📋 Article Processing Timeline
- 📰 Published: April 27, 2026 at 20:30
- 🔍 Collected: April 27, 2026 at 12:01
- 🤖 AI Analyzed: April 28, 2026 at 07:12 (19h 10m after Collected)
Mercury Inc. (Headquarters: Minato-ku, Tokyo; Representative Director: Takaaki Jin; Securities Code: 5025), a provider of real estate marketing platforms utilizing real estate big data and AI technology, has summarized used condominium price trends for major areas in the first quarter of 2026 (January to March).
■ Overall Summary
Compared to the previous quarter (October to December 2025), prices ranged from -2.7% to +6.3%, and the average appreciation rate from the time of new construction ranged from -0.5 points to +4.3 points.
As a result of the slowdown in the price growth rate in Tokyo's 23 wards, Osaka City recorded the highest price growth rate.
The areas with the highest average appreciation rates were Tokyo's 23 wards and Osaka City, with the average appreciation rate from new construction prices reaching +117.7% in Tokyo's 23 wards and +89.4% in Osaka City.
Compared to the same period last year (January to March 2025), Tokyo's 23 wards had the largest increase in average price, while Osaka City had the largest increase in the average appreciation rate.
By building age, the highest price was found in Tokyo's 23 wards for properties within 5 years of age, with an average price of 197.28 million yen. The highest average appreciation rate was +159.8% (approx. 2.6 times the new construction price) for properties aged 11-15 years in Tokyo's 23 wards, followed by +157.4% (approx. 2.6 times) for those aged 16-20 years in the same area. In Tokyo's 23 wards, the average appreciation rate exceeded +100% (double the new price) for three age brackets, excluding those within 5 years.
In Osaka City as well, properties aged 11-15 years saw an appreciation of +152.7% (approx. 2.5 times). Similar to Tokyo's 23 wards, three age brackets excluding those within 5 years exceeded +100%. Overall, while prices in Tokyo's 23 wards remain high, the price increase itself has begun to settle, making the continued growth in Osaka City particularly noticeable.
Tokyo 23 Wards: Average price was 167.66 million yen, +1.2% (+2 million yen) QoQ, and +24.7% (+33.18 million yen) YoY. The average appreciation rate of circulated units was +117.7%, down 0.5 points QoQ and up 16.1 points YoY.
Yokohama City: Average price was 78.35 million yen, +5.6% (+4.12 million yen) QoQ, and +18.8% (+12.42 million yen) YoY. The average appreciation rate was +54.7%, up 2.5 points QoQ and up 11.7 points YoY.
Kawasaki City: Average price was 79.38 million yen, +5.0% (+3.8 million yen) QoQ, and +19.0% (+12.66 million yen) YoY. The average appreciation rate was +62.6%, up 4.3 points QoQ and up 15.8 points YoY.
Osaka City: Average price was 103.91 million yen, +6.3% (+6.15 million yen) QoQ, and +27.4% (+22.32 million yen) YoY. The average appreciation rate was +89.4%, up 2.7 points QoQ and up 19.3 points YoY.
Kyoto City: Average price was 74.05 million yen, +0.3% (+0.26 million yen) QoQ, and +13.0% (+8.55 million yen) YoY. The average appreciation rate was +41.0%, up 1.0 point QoQ and up 1.5 points YoY.
Nagoya City: Average price was 49.39 million yen, -2.7% (-1.36 million yen) QoQ, and +6.1% (+2.84 million yen) YoY. The average appreciation rate was +9.4%, down 0.4 points QoQ and up 2.2 points YoY.
■ Regional Trends: Tokyo 23 Wards
In Tokyo's 23 wards, the average price exceeded 100 million yen in 14 wards, including Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, Taito, Koto, Shinagawa, Meguro, Setagaya, Shibuya, Nakano, Suginami, and Toshima. Minato Ward had the highest average appreciation rate at +147.0% (approx. 2.5 times), followed by Chiyoda Ward at +138.6% (approx. 2.4 times). A total of 10 wards had an average appreciation rate of 100% (double the new price) or more. Specifically, the appreciation rate was high for properties aged 11-15 years in Chiyoda Ward.
■ Overall Summary
Compared to the previous quarter (October to December 2025), prices ranged from -2.7% to +6.3%, and the average appreciation rate from the time of new construction ranged from -0.5 points to +4.3 points.
As a result of the slowdown in the price growth rate in Tokyo's 23 wards, Osaka City recorded the highest price growth rate.
The areas with the highest average appreciation rates were Tokyo's 23 wards and Osaka City, with the average appreciation rate from new construction prices reaching +117.7% in Tokyo's 23 wards and +89.4% in Osaka City.
Compared to the same period last year (January to March 2025), Tokyo's 23 wards had the largest increase in average price, while Osaka City had the largest increase in the average appreciation rate.
By building age, the highest price was found in Tokyo's 23 wards for properties within 5 years of age, with an average price of 197.28 million yen. The highest average appreciation rate was +159.8% (approx. 2.6 times the new construction price) for properties aged 11-15 years in Tokyo's 23 wards, followed by +157.4% (approx. 2.6 times) for those aged 16-20 years in the same area. In Tokyo's 23 wards, the average appreciation rate exceeded +100% (double the new price) for three age brackets, excluding those within 5 years.
In Osaka City as well, properties aged 11-15 years saw an appreciation of +152.7% (approx. 2.5 times). Similar to Tokyo's 23 wards, three age brackets excluding those within 5 years exceeded +100%. Overall, while prices in Tokyo's 23 wards remain high, the price increase itself has begun to settle, making the continued growth in Osaka City particularly noticeable.
Tokyo 23 Wards: Average price was 167.66 million yen, +1.2% (+2 million yen) QoQ, and +24.7% (+33.18 million yen) YoY. The average appreciation rate of circulated units was +117.7%, down 0.5 points QoQ and up 16.1 points YoY.
Yokohama City: Average price was 78.35 million yen, +5.6% (+4.12 million yen) QoQ, and +18.8% (+12.42 million yen) YoY. The average appreciation rate was +54.7%, up 2.5 points QoQ and up 11.7 points YoY.
Kawasaki City: Average price was 79.38 million yen, +5.0% (+3.8 million yen) QoQ, and +19.0% (+12.66 million yen) YoY. The average appreciation rate was +62.6%, up 4.3 points QoQ and up 15.8 points YoY.
Osaka City: Average price was 103.91 million yen, +6.3% (+6.15 million yen) QoQ, and +27.4% (+22.32 million yen) YoY. The average appreciation rate was +89.4%, up 2.7 points QoQ and up 19.3 points YoY.
Kyoto City: Average price was 74.05 million yen, +0.3% (+0.26 million yen) QoQ, and +13.0% (+8.55 million yen) YoY. The average appreciation rate was +41.0%, up 1.0 point QoQ and up 1.5 points YoY.
Nagoya City: Average price was 49.39 million yen, -2.7% (-1.36 million yen) QoQ, and +6.1% (+2.84 million yen) YoY. The average appreciation rate was +9.4%, down 0.4 points QoQ and up 2.2 points YoY.
■ Regional Trends: Tokyo 23 Wards
In Tokyo's 23 wards, the average price exceeded 100 million yen in 14 wards, including Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, Taito, Koto, Shinagawa, Meguro, Setagaya, Shibuya, Nakano, Suginami, and Toshima. Minato Ward had the highest average appreciation rate at +147.0% (approx. 2.5 times), followed by Chiyoda Ward at +138.6% (approx. 2.4 times). A total of 10 wards had an average appreciation rate of 100% (double the new price) or more. Specifically, the appreciation rate was high for properties aged 11-15 years in Chiyoda Ward.