Tokyo New Detached House Prices Hit a Post-2014 High in August
Tokyo Kantei data for August 2026 show the average new detached house in Tokyo at 69.4 million yen, a fourth consecutive monthly rise, while used homes fell 3.4%.
The average asking price of a new detached house in Tokyo reached 69.4 million yen in August 2026, up 2.6% on July and rising for a fourth consecutive month. At ¥69.4m the figure is the highest in the Tokyo Kantei series since April 2014. Kanagawa also set a record at 56.18 million yen, up 0.8%. Both reports were published on 9 September 2026. Kantei reports in units of ten thousand yen; the figures here are converted to yen millions.
The regional aggregates moved the other way. Greater Tokyo averaged 52.16 million yen for new detached houses, down 0.4% on the month, the Kansai region 39.05 million yen, down 1.0%, and the Chubu region 35.19 million yen, down 0.6%. Kantei attributes the divergence to composition: Tokyo's share of supply shrank, so the metropolitan average fell even as the most expensive prefecture in it rose.
Prefectures pulled apart
The spread across prefectures was unusually wide for a single month. Kyoto gained 10.2% to 44.76 million yen, the largest move in the release. Saitama was flat at 41.60 million yen with a 0.1% gain and Hyogo rose 0.9% to 39.46 million yen. On the other side, Osaka fell 3.3% to 41.88 million yen, Fukuoka 1.7% to 40.31 million yen, Miyagi 1.4% to 37.08 million yen, Chiba 1.3% to 41.96 million yen and Aichi 0.5% to 36.75 million yen.
New and used are moving in opposite directions in Tokyo
The companion report on existing detached houses tells a different story in the capital. Tokyo's used detached average fell 3.4% to 68.91 million yen, a third consecutive monthly decline, even though Kantei notes the average building age of the sample improved. The gap between new and used in Tokyo is now roughly half a million yen, unusually narrow for a market where the new-build premium is normally substantial.
Outside Tokyo the used segment was the stronger one. Greater Tokyo's existing detached average rose 4.9% to 42.93 million yen, Chubu 6.5% to 26.04 million yen and Kansai 0.2% to 28.70 million yen. Kanagawa gained 7.3% to 47.07 million yen, Saitama 8.4% to 29.79 million yen, Hyogo 10.6% to 29.90 million yen, Aichi 9.4% to 31.55 million yen and Fukuoka 14.4% to 26.56 million yen, while Osaka fell 4.6% to 31.59 million yen and Kyoto 1.5% to 36.36 million yen.
The yen does half the work
Our Japan snapshot of 7 September 2026 carries a national average of $2,950 per square metre, a gross rental yield of 4.34% and an annual price change of 8.0%. That last figure is the one a foreign buyer has to read twice. The yen lost about 5.1% against the dollar over the same twelve months, so the same rise measures 2.5% in dollars. Eight per cent and two and a half per cent are both correct; they answer different questions.
Our separate Tokyo line stands at $11,134 per square metre with a 3.59% gross yield and a 9.3% annual change, and is built on second-hand condominium data rather than detached houses, so it is not directly comparable with today's release. Japan's effective tax on non-resident rental income is 6.72% on our standardised case, the lowest in our coverage, while round-trip transaction costs are 10.9%. Bubble Risk stands at 67 for Japan and 72 for Tokyo, both in the elevated band.
Sources: Tokyo Kantei, new detached house price report August 2026, 9 September 2026 https://www.kantei.ne.jp/report/single_family/9418/; Tokyo Kantei, existing detached house price report August 2026, 9 September 2026 https://www.kantei.ne.jp/report/single_family/9421/