Asking-price cuts are increasing for Tokyo existing condos

Tokyo existing condo sellers are cutting advertised asking prices more often, with new research showing a clear upward trend in price adjustments across the capital.

September 4 data released jointly by Mansion Research Ltd. and Fukushima Research Institute show asking-price reductions rising through August in both Tokyo’s five central wards and the other 18 wards.

Photo by Jakub Żerdzicki on Unsplash

The increase has been particularly pronounced in the central five wards - Chiyoda, Chuo, Minato, Shinjuku and Shibuya - where the asking-price reduction rate reached its highest level since the study began in January 2024.

Outside those central wards, the reduction rate has also risen sharply and reached a new high in August.

The pattern suggests that more sellers are having to revise initial pricing expectations after putting properties on the market.

Methodology

Mansion Research collects publicly available listings for existing condominiums and tracks changes in their advertised asking prices over time.

That means the research can observe when a property is first marketed at one price and later advertised at a lower one.

For example, a condominium listed at JPY 82 million, then reduced to JPY 79.8 million and later to JPY 76.8 million, has undergone two observable asking-price revisions.

These are changes to advertised asking prices, not transaction prices.

Mansion Research also classifies some cases as having reached contract, but its methodology does not explain in enough detail how that status is determined from public listing data.

A listing disappearing from public advertising may indicate that the property sold, as Mansion Research assumes in its analysis, but it does not independently verify that a transaction occurred or at what price.

Those classifications should therefore be treated cautiously. The clearer value of the dataset is that it tracks how sellers change advertised asking prices while properties are publicly marketed.

The report separately analyzes Tokyo’s five central wards and the other 18 wards because they represent materially different parts of the market.

Chiyoda, Chuo, Minato, Shinjuku and Shibuya contain many of Tokyo’s highest-priced existing condominiums and can attract a different buyer mix from the broader residential market elsewhere in the 23 wards.

Separating the two groups makes it easier to see whether asking-price behavior at the expensive end of the market is developing differently from the rest of Tokyo.

Asking Prices are Being Adjusted More Aggressively

Their earlier research showed that the number of asking-price reductions was already increasing in some price segments.

Among properties initially priced at JPY 150 million or more, the reported average number of reductions rose from 0.7 to 1.4.

The September 4 data extend that earlier picture, with asking-price reductions continuing to rise through August.

In the five central wards, the reduction rate reached its highest point since the study began in January 2024.

This matters because a rising frequency or magnitude of asking-price adjustments can indicate that sellers are finding it harder to maintain ambitious initial prices.

It does not necessarily mean transaction prices are falling across Tokyo.

Price Reductions are Rising Beyond Central Tokyo

The increase is not limited to Tokyo’s most expensive central wards.

Mansion Research’s September 4 data show that asking-price reductions have also been rising across the other 18 wards, with the reduction rate reaching its highest level in the study period in August.

The distinction between the two groups is important. The five central wards contain many of Tokyo’s highest-priced existing condominiums, while the other 18 wards cover a much broader range of properties and buyers.

Seeing asking-price reductions rise in both groups suggests that the adjustment is not confined to the ultra-expensive end of the market.

The scale and circumstances may differ, but sellers across a wider part of Tokyo are increasingly revising advertised prices after putting properties on the market.

Mansion Research’s dataset is based on publicly marketed properties, so it may not fully capture privately marketed or off-market activity, particularly at the ultra-prime end of central Tokyo.

The broader trend within the properties it tracks, however, is clear.

Advertised asking prices are being revised more aggressively than before, and the trajectory has been upward.

For sellers, that means initial pricing assumptions are being tested more visibly.

Further Reading

Mansion Research / Fukushima Research Institute: Tokyo 23-Ward Existing Condominium Market Research, September 2026 (Japanese only)

Mansion Research / Fukushima Research Institute: Tokyo Existing Condominium Market Analysis, First Quarter 2026 (Japanese only)