Tokyo's Used Apartment Appraisal Values Soar 32% in Under 2 Years, Exceeding 86 Million Yen on Average; Data from 52,000 Tunagaru Online Assessments Reveals Regional Disparities in 'Price Polarization'
According to data from Speee Co., Ltd.'s 'Tunagaru Online Assessment' system, appraisal values for used condominiums in Tokyo increased by 32% in just under two years, from May 2024 to February 2026, exceeding an average of 86 million yen. While the national average also rose by 25%, regional areas saw a declining trend, clearly illustrating 'price polarization' in the real estate market.
📋 Article Processing Timeline
- 📰 Published: April 29, 2026 at 00:30
- 🔍 Collected: April 28, 2026 at 16:02
- 🤖 AI Analyzed: April 28, 2026 at 16:13 (11 min after Collected)
Speee Co., Ltd. (Head office: Minato-ku, Tokyo; Representative Director: Hideki Otsuka; TSE Standard: 4499), through its real estate appraisal document creation system 'Tunagaru Online Assessment,' utilized over 52,000 appraisal data points (including 17,000 in Tokyo) to investigate national condominium price trends from May 2024 to February 2026.
This survey reports a vivid picture of 'polarization' in the real estate market, where Tokyo's rapid price surge significantly drives the national average, while some regional areas show a declining trend.
*To ensure comparability, all appraisal values in this survey are calculated by converting them to a 'private floor area of 70 square meters.'
■ Survey Summary
– The national average appraisal price for used condominiums rose by 25%, from 33.89 million yen to 42.34 million yen.
– The rise in the national average is primarily driven by Tokyo, which saw an increase from 65.40 million yen to 86.42 million yen (a 32% increase), significantly surpassing the national average.
– While Tokyo's prices rose, regional areas nationwide experienced polarization, with declining trends observed in Hokuriku, Shikoku, and Tohoku.
■ National Condominium Appraisal Prices Rose 25% in Approximately 2 Years
The national average appraisal value for used condominiums (converted to 70 square meters) using Tunagaru Online Assessment recorded an increase of approximately 25% over about two years (from May 2024 to February 2026), rising from 33.89 million yen to 42.43 million yen.
Although there are monthly fluctuations, the increase in appraisal values for used condominiums is observed alongside rising new condominium prices, driven by factors such as higher material costs and labor expenses.
The Compound Monthly Growth Rate (CMGR) for the period was +1.03%.
Tunagaru Online Assessment incorporates recent price movements appropriately to reflect market price trends in its appraisal values.
■ Tokyo Condominium Appraisal Prices Rose 32% in Approximately 2 Years
On the other hand, differences in the magnitude of price increases are also observed due to the distribution of user companies, confirming that this has created a nationwide polarization of real estate prices.
Tokyo is driving the price increase.
Tokyo: 65.40 million yen → 86.42 million yen (+32% / CMGR +1.3%)
National (excluding Tokyo): 20.72 million yen → 22.98 million yen (+11% / CMGR +0.47%)
The CMGR (Compound Monthly Growth Rate) for the period was +1.3% for Tokyo and +0.47% for other areas, respectively.
Specifically, the survey of national regions confirmed declines in the three regions of Shikoku, Tohoku, and Hokuriku.
Hokuriku saw the largest decline in both amount and rate (from 24.13 million yen to 20.25 million yen, a decrease of ▲3.88 million yen and a decrease rate of ▲16.09%), followed by the Chugoku region and the Tohoku region in terms of decline amount (and rate).
From the perspective of preserving asset value, the importance of "location selection" has increased more than ever.
■ Background Analysis
The structural factors leading to the rise in real estate prices across national areas are estimated to be the following three points:
1. Soaring Material Prices
In recent years, cost increases due to inflation tend to be passed on to new construction prices.
With the rise in new real estate prices, demand for used real estate as an alternative has been pushed up.
2. Overheating of Investor Purchases for Resale
The commoditization of new real estate and its increasing attractiveness as an investment target is also a significant factor.
Lotteries have become commonplace for popular large new condominiums, and their premium value combined with low interest rates has fueled purchases for resale and investment, leading to rising real estate prices. However, in recent years, some new developers have implemented resale restrictions, such as practically prohibiting sales activities before the transfer of ownership of new condominiums, and future trends are being watched.
3. Historically Low Interest Rates and Deductions in Real Estate Transactions
Japan's long-standing historically low interest rates and tax benefits associated with real estate transactions have fostered a 'half-investment, half-residence' lifestyle, leading to an increase in households repeatedly moving after several years of residency. Deductions for residential property, such as the 30 million yen exemption, made real estate sale profits tax-free and allowed for transactions on a multi-year basis.
However, with the rise in policy interest rates, variable interest rates are increasing, leading to stricter loan conditions based on repayment ratios and screening interest rates.
While material prices continue to rise due to recent Middle East affairs, the market is facing headwinds for investors and 'half-investment, half-residence' buyers who have been driving demand. Therefore, market price trends will continue to be closely monitored.
■ Survey Overview
– Self-conducted survey
– Analysis target: Used condominium appraisal data calculated by Tunagaru Online Assessment
– Data: Approximately 52,000 cases (of which approximately 17,000 cases are in Tokyo)
– Analysis period: May 2024 to February 2026
– Target area: All of Japan
– Analysis method:
– Calculate per-square-meter unit price by dividing appraisal value by private floor area of each property.
– Multiply the calculated per-square-meter unit price by 70 (square meters).
This survey reports a vivid picture of 'polarization' in the real estate market, where Tokyo's rapid price surge significantly drives the national average, while some regional areas show a declining trend.
*To ensure comparability, all appraisal values in this survey are calculated by converting them to a 'private floor area of 70 square meters.'
■ Survey Summary
– The national average appraisal price for used condominiums rose by 25%, from 33.89 million yen to 42.34 million yen.
– The rise in the national average is primarily driven by Tokyo, which saw an increase from 65.40 million yen to 86.42 million yen (a 32% increase), significantly surpassing the national average.
– While Tokyo's prices rose, regional areas nationwide experienced polarization, with declining trends observed in Hokuriku, Shikoku, and Tohoku.
■ National Condominium Appraisal Prices Rose 25% in Approximately 2 Years
The national average appraisal value for used condominiums (converted to 70 square meters) using Tunagaru Online Assessment recorded an increase of approximately 25% over about two years (from May 2024 to February 2026), rising from 33.89 million yen to 42.43 million yen.
Although there are monthly fluctuations, the increase in appraisal values for used condominiums is observed alongside rising new condominium prices, driven by factors such as higher material costs and labor expenses.
The Compound Monthly Growth Rate (CMGR) for the period was +1.03%.
Tunagaru Online Assessment incorporates recent price movements appropriately to reflect market price trends in its appraisal values.
■ Tokyo Condominium Appraisal Prices Rose 32% in Approximately 2 Years
On the other hand, differences in the magnitude of price increases are also observed due to the distribution of user companies, confirming that this has created a nationwide polarization of real estate prices.
Tokyo is driving the price increase.
Tokyo: 65.40 million yen → 86.42 million yen (+32% / CMGR +1.3%)
National (excluding Tokyo): 20.72 million yen → 22.98 million yen (+11% / CMGR +0.47%)
The CMGR (Compound Monthly Growth Rate) for the period was +1.3% for Tokyo and +0.47% for other areas, respectively.
Specifically, the survey of national regions confirmed declines in the three regions of Shikoku, Tohoku, and Hokuriku.
Hokuriku saw the largest decline in both amount and rate (from 24.13 million yen to 20.25 million yen, a decrease of ▲3.88 million yen and a decrease rate of ▲16.09%), followed by the Chugoku region and the Tohoku region in terms of decline amount (and rate).
From the perspective of preserving asset value, the importance of "location selection" has increased more than ever.
■ Background Analysis
The structural factors leading to the rise in real estate prices across national areas are estimated to be the following three points:
1. Soaring Material Prices
In recent years, cost increases due to inflation tend to be passed on to new construction prices.
With the rise in new real estate prices, demand for used real estate as an alternative has been pushed up.
2. Overheating of Investor Purchases for Resale
The commoditization of new real estate and its increasing attractiveness as an investment target is also a significant factor.
Lotteries have become commonplace for popular large new condominiums, and their premium value combined with low interest rates has fueled purchases for resale and investment, leading to rising real estate prices. However, in recent years, some new developers have implemented resale restrictions, such as practically prohibiting sales activities before the transfer of ownership of new condominiums, and future trends are being watched.
3. Historically Low Interest Rates and Deductions in Real Estate Transactions
Japan's long-standing historically low interest rates and tax benefits associated with real estate transactions have fostered a 'half-investment, half-residence' lifestyle, leading to an increase in households repeatedly moving after several years of residency. Deductions for residential property, such as the 30 million yen exemption, made real estate sale profits tax-free and allowed for transactions on a multi-year basis.
However, with the rise in policy interest rates, variable interest rates are increasing, leading to stricter loan conditions based on repayment ratios and screening interest rates.
While material prices continue to rise due to recent Middle East affairs, the market is facing headwinds for investors and 'half-investment, half-residence' buyers who have been driving demand. Therefore, market price trends will continue to be closely monitored.
■ Survey Overview
– Self-conducted survey
– Analysis target: Used condominium appraisal data calculated by Tunagaru Online Assessment
– Data: Approximately 52,000 cases (of which approximately 17,000 cases are in Tokyo)
– Analysis period: May 2024 to February 2026
– Target area: All of Japan
– Analysis method:
– Calculate per-square-meter unit price by dividing appraisal value by private floor area of each property.
– Multiply the calculated per-square-meter unit price by 70 (square meters).