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Average price of new condominium sales in Tokyo Metropolitan Area (JPY 10,000 per sq. m.) (2020=100)

Japan, Tokyo

Source: The Land Institute of Japan

Apartment prices in Tokyo, % change 1 yr

Nominal and inflation-adjusted ('real')

Japan, Tokyo

Quarterly change in house prices, inflation-adjusted

 Q1Q2Q3Q4
202312.71%17.92%-5.63%10.78%
202224.48%-17.74%4.83%-7.64%
20214.34%-1.29%25.63%-26.06%
202020.78%11.74%-13.93%-2.62%
20191.56%-1.96%-0.19%-10.08%
20186.69%0.67%-12.57%14.06%
201714.1%0.64%0.86%-4.72%
2016-3.94%-1.64%-2.93%-6.52%
201510.18%-16.81%21.23%6.14%
2014-4.81%-0.42%6.8%-4.32%
20136.38%1.65%2.91%4.14%
20122.39%-4.71%-7.17%8.58%
2011-0.1%-3.84%-1.05%3.82%
201010.59%-9.4%10.85%-7.71%
200910.19%-2.46%-1.27%3.28%
200814.97%-6.98%-2.71%-2.66%
200717.89%4.46%-9.85%-0.21%
20067.36%1.46%-3.06%-4.49%
20050.59%4.66%-4.36%-0.46%
20041.47%0.59%-4.75%-2.25%
20033.51%2.87%-5.73%1.73%
20022.12%4.94%-6.41%6.58%
20016.53%-2.77%-5.04%1.22%
2000-0.16%2.66%-10.88%3.24%
19991%2.81%-0.73%-5.39%
1998-9.89%2.89%-2.84%-1.07%
1997-4.59%0.66%-0.1%2.58%
1996-2.53%3.51%-1.01%2.28%
1995-7.75%1.05%1.4%-2.25%
1994-1.49%3.03%-5.41%-0.65%
1993-1.49%0.12%-1.05%-0.52%
1992-1.03%7.94%-6.82%-4.5%
19914.42%1.43%-17.98%-14.12%
199023.24%-14.15%5.99%

This table shows the change in house prices during a single quarter, adjusted for inflation.

Adjusting house price rises (or declines) for inflation produces a more accurate picture of the change in value of housing than the usual nominal figures cited in the newspapers.