The average new マンション (manshon, Japanese usage for a freehold condominium) in Tokyo’s 23 special wards sold for ¥137.84 million in fiscal 2025, a record high confirmed by the Japan Times on April 21, 2026. That figure covers the full 23-ward spectrum, from outer residential wards to the ultra-prime core. At the luxury end, the range looks entirely different: active April 2026 listings in Minato-ku (港区) and Chiyoda-ku (千代田区) are priced between ¥265 million and ¥1.22 billion, with per-square-meter rates from ¥4.26 million to ¥8.61 million. For foreign buyers weighing a Tokyo condo for sale at this tier, the pricing is only the starting point. What follows is a structured account of the market as it stands today.

What the Luxury Tier Actually Costs in April 2026

Four active listings illustrate the current pricing landscape across central Tokyo wards.

Roppongi Hills Residence B (六本木ヒルズレジデンスB棟) in Minato-ku: 141.75㎡, 2LDK with storage, 27th floor, listed at ¥1.22 billion. The unit price works out to ¥8.61 million per ㎡, which represents the upper ceiling of the ultra-prime segment in Tokyo as of this writing.

The Park House Chiyoda Rokubancho (ザ・パークハウス千代田六番町) in Chiyoda-ku: 95.38㎡, 3LDK corner unit, completed in 2025 and listed as new-unoccupied (新築未入居, meaning never lived in despite being post-completion). Price: ¥515 million, or ¥5.40 million per ㎡. The 番町 (Bancho) address in Chiyoda-ku commands a structural premium because new-build supply in this zone is genuinely constrained. The 不動産経済研究所 (Real Estate Economic Institute of Japan) reported that new condominium supply across the greater Tokyo metropolitan area fell to 27,772 units in 2024, the lowest figure since 1992.

Park Court Roppongi Hilltop (パークコート六本木ヒルトップ) in Minato-ku: 71.37㎡, 2LDK, 7th floor, at ¥499.8 million, or ¥7.00 million per ㎡.

Crest Prime Tower Shiba (クレストプライムタワー芝) in Minato-ku: 62.24㎡, 2LDK, 27th floor, at ¥265 million, or ¥4.26 million per ㎡. This listing explicitly references the 浜松町エリア再開発 (Hamamatsucho area redevelopment), a large-scale project involving Tokyu and Hamamatsucho 2-chome Development LLC that is expected to add Grade-A office and hotel stock through 2029. Buyers in the Shiba corridor are pricing in that infrastructure premium.

For broader context on how these listings compare across neighborhoods and building vintages, the Koukyuu overview of Tokyo apartments for sale in 2026 covers the full spectrum in detail.

Ongoing Costs That Buyers Routinely Underestimate

The purchase price is one number. The annual cost of ownership is another, and at this tier it is material.

Every マンション in Japan carries two monthly charges that are non-negotiable and paid to the building management corporation: 管理費 (kanrihi, the monthly management fee covering building operations, concierge, and common-area maintenance) and 修繕積立金 (shūzen tsumitatekin, the repair reserve fund that accumulates capital for future major works such as facade restoration or elevator replacement).

For the Roppongi Hills B unit at ¥1.22 billion, these charges are ¥114,946 and ¥63,417 per month respectively, totalling ¥178,363 per month, or approximately ¥2.14 million per year, before any property taxes.

For the Chiyoda Rokubancho unit at ¥515 million, the equivalent figures are ¥37,970 and ¥17,170 per month, plus ¥2,266 for shared TV and internet infrastructure.

On top of these, buyers must budget for 固定資産税 (koteishisanzei, fixed-asset tax), assessed annually at 1.4% of the 課税標準額 (kazei hyōjun-gaku, the assessed taxable value set by the municipality). For condominiums, that assessed value is typically 50 to 70% of market value. Properties in urbanized zones, which covers all of central Tokyo, also attract 都市計画税 (toshi keikakuzei, city planning tax) at 0.3% of the same base. On a ¥500 million property, the combined annual property tax burden is realistically ¥3.5 million to ¥5 million. Buyers who model only the purchase price and mortgage service will be surprised by this figure in their first year of ownership.

The Tax Position for Non-Resident Foreign Owners

Japan imposes no restriction on foreign nationals purchasing real estate. Ownership is recorded through 登記 (tōki, the transfer of legal title registered at the 法務局, the Legal Affairs Bureau), and there is no reciprocity requirement. A buyer from the United States, the United Kingdom, Singapore, or anywhere else acquires the same freehold rights as a Japanese national.

The tax treatment, however, depends heavily on residency status, and this is where foreign buyers need precise advice.

Rental income. Non-residents who lease their Tokyo property are subject to Japanese withholding tax at 20.42% under the 所得税法 (Income Tax Act, Article 212). Japan’s tax treaty with the United States caps this at 10% for qualifying portfolio income. Other treaty partners have different rates. Buyers should confirm their country’s treaty position before assuming the standard rate applies. Capital gains on disposal. Non-residents pay 所得税 (shotokuzei, national income tax) at 15%, plus a 復興特別所得税 (reconstruction special income tax) surcharge of 2.1% on gains. Properties held for fewer than five years are classified as short-term and taxed at 30% plus the surcharge under the 租税特別措置法 (Act on Special Measures Concerning Taxation). The five-year holding threshold is therefore a meaningful planning consideration for buyers who may exit within a short horizon. Inheritance. The 2023 tax reform (令和5年度税制改正), effective April 1, 2023, introduced the “10-year rule” (10年ルール). Foreign nationals who were non-residents for the 10 years prior to an inheritance event are exempt from Japanese 相続税 (sōzokuzei, inheritance tax) on overseas assets. However, Japanese-sited real estate, including a Tokyo condominium, remains fully taxable regardless of the owner’s residency status. This is a point that estate planners outside Japan frequently miss. Visa and residency. Owning real estate in Japan does not confer any residency right. High-net-worth buyers typically hold a 経営・管理ビザ (Business Manager visa) or 高度専門職 (Highly Skilled Professional visa) tied to qualifying business activity, or they hold 永住権 (eijuuken, Japanese permanent residency) obtained through prior long-term residence. The property itself plays no role in that status.

The Mechanics of Buying: From Offer to Title

For buyers unfamiliar with Japanese transaction procedure, the sequence differs from most Western markets in several important ways.

After an offer is accepted, the buyer receives the 重要事項説明 (juuyou-jikou-setsumei, the statutory pre-contract disclosure meeting), conducted by a licensed 宅建士 (takken-shi, Japan’s licensed real-estate transaction specialist). This is a legal requirement under the 宅地建物取引業法 (Real Estate Brokerage Act): the 宅建士 must personally explain all material facts about the property, the building, and the transaction terms before the contract is signed. In practice, many Tokyo agencies assign unlicensed salespeople to manage the client relationship and produce the 宅建士 only for this statutory moment. Buyers who have built their understanding of the property and the negotiation with an unlicensed intermediary may find this transition disorienting.

Following the disclosure meeting, the buyer signs the 売買契約 (baibai keiyaku, the purchase and sale agreement) and pays the 手付金 (tetsuke-kin, the earnest-money deposit, typically 10% of the purchase price). On a ¥500 million transaction, that is ¥50 million, transferred on the day of signing. Withdrawal after this point carries financial penalties for either party.

Settlement (決済, kessai) typically occurs four to eight weeks later. All funds must be transferred in Japanese yen on the same day, which creates a practical challenge for buyers without a Japanese bank account. Engaging a bilingual 司法書士 (shihō shoshi, judicial scrivener) early in the process is advisable; the scrivener coordinates the simultaneous fund transfer, key handover, and title registration filing at the 法務局.

For buyers considering specific Chiyoda-ku addresses, the City Tower Kudanshita at ¥420 million (3LDK) and the Brillia Ichibancho at ¥479.9 million (3LDK) are two current listings that illustrate the Chiyoda-ku mid-luxury range.

Mortgage Access for Foreign Buyers

Mortgage financing in Japan is available to foreign nationals, but the conditions narrow significantly depending on visa status and residency.

Permanent residents (永住権 holders) can access Japanese bank mortgages on terms broadly comparable to those offered to Japanese nationals. Major lenders including Sumitomo Mitsui Banking Corporation, Mizuho Bank, and several regional institutions will consider applications from permanent residents with documented income in Japan.

Non-permanent residents face a more restricted field. Some lenders will extend financing to holders of long-term visas with stable employment in Japan, but loan-to-value ratios are typically lower, and several major banks decline non-permanent-resident applications entirely. At the ¥300 million to ¥1 billion price tier, a significant portion of foreign buyers transact in cash or use offshore financing structures, which sidesteps the domestic mortgage question but introduces separate currency and transfer documentation requirements.

The Tokyo Condo Prices and Sales Keep Rising in 2026 report from Housing Japan projects approximately 23,000 new condominium units sold across the Tokyo metropolitan area in 2026, up 4.7% from the prior year, with elevated construction and labor costs expected to sustain price pressure through at least the end of the year. For buyers waiting for a correction, the supply data from 不動産経済研究所 does not support that expectation in the central wards.

What to Prioritize Before Making an Offer

Buyers entering this market for the first time should resolve four things before committing to a shortlist.

First, confirm the building’s 修繕積立金 balance. A building with a depleted reserve fund faces either a special assessment (一時金, ichiji-kin, a lump-sum levy on all unit owners) or deferred maintenance. Both outcomes affect resale value. The balance is disclosed in the 重要事項説明, but requesting it informally before that stage is reasonable.

Second, verify the 管理組合 (kanri kumiai, the owners’ association) meeting minutes for the past two to three years. Disputes over building management, planned major works, or rule changes affecting short-term rental use (民泊, minpaku) will appear here.

Third, understand the building’s earthquake resistance standard. Buildings constructed or substantially retrofitted to the 新耐震基準 (shin taishin kijun, the post-1981 seismic code) meet the current legal minimum. Buildings constructed after June 2000 meet the further-strengthened standard introduced after the 1995 Kobe earthquake. For buildings predating 1981, a 耐震診断 (taishin shindan, seismic assessment report) should be requested.

Fourth, clarify the tax position specific to your residency status and home country treaty before signing anything. The difference between a 20.42% and 10% withholding rate on rental income, or between a 15% and 30% capital gains rate depending on holding period, is not a rounding error at this price tier.

Koukyuu is a private buyer’s advisory for distinguished Tokyo residences in Omotesando (表参道), Nishi-Azabu (西麻布), Azabudai Hills (麻布台ヒルズ), and Chiyoda-ku, focused exclusively on transactions of ¥300 million and above, with a licensed 宅建士 personally handling every stage from the first consultation through signing, a continuity most Tokyo agencies do not offer. Book a private consultation) to begin.