Tokyo real estate market — prices, rental yield and trend
- Average price: $11,134 / m²
- Gross rental yield: 3.59%
- 12-month price change (USD): -2.2%
- Price basis: local-market average
Residential property in Tokyo averages $11,134 per square metre. In dollar terms the market has barely moved over the last twelve months (-2.2%). That makes it the 2nd most expensive of the 70 markets in the set. In local currency the same twelve months read +9.3%; the 11.5-point gap is the exchange rate, not the housing market.
What a buyer pays in Tokyo
The $11,134 figure is a local-market average across all residential property types: a flat in a prime district sits well above it, an older unit on the edge of the market well below. Against the Japan national average of $5,377, Tokyo carries a 107.1% premium — the gap between this market and the country as a whole.
What it earns
Long-term letting returns about 3.6% gross on the purchase price, 65th of 69 markets by gross yield. Short-term letting is a different business with different costs, but for reference the short-let yield here works out at about 6.9%, on an average daily rate of $118 and 89% occupancy.
How this figure is built
The price figure for Tokyo comes from the source we judge most reliable for this market. It was last refreshed on 2026-07-23. We rate our confidence in this market’s data high: the underlying series is official and current. We recompute every market the same way, which is what lets Tokyo be compared with a country average or another city.
Sources: Tokyo Kantei · kantei.ne.jp · airbtics.com · housingjapan.com. Snapshot: 2026-07-23.
Latest Tokyo market analysis
- Tokyo New Detached House Prices Hit a Post-2014 High in August — 2026-09-12
- Japan's Core Inflation Hit 1.8% in July, Pushing the Bank of Japan Toward 1.25% — 2026-08-23
- Greater Tokyo's Average New Condo Price Jumped 63.7% in July to a Record ¥164.93 Million — 2026-08-22
- Tokyo Used-Condo Sales Fell for a Fourth Month in July as Resale Prices Turn Negative — 2026-08-11
Related markets: Japan