What the data says
Central Tokyo is where the official data is deepest. Brokers' closed prices (成約価格), which MLIT has published since 2021, record 22,500 usable sales across Chiyoda, Chuo, Minato, Shinjuku and Shibuya in 2021–2025, 97% of them resale condominiums. On those closed prices the median resale condo sold for ¥91.5m in 2025, or ¥1.65m per square metre of floor area, up from ¥1.11m/㎡ in 2021: +48% in four years, with the largest annual gain in 2025 (+16%). Minato was the most expensive ward at ¥1.88m/㎡ in 2025 and Shinjuku the least, at ¥1.23m/㎡. For a longer view we show MLIT's separate buyer survey (取引価格・アンケート) as its own line: on that measure the median condo went from ¥967,000/㎡ in 2015 to ¥1.60m/㎡ in 2025 (+66%). The two are never combined, because the survey holds many more small investment studios (its 2025 median sale was ¥59m, against ¥91.5m for closed prices). For dollar-based buyers the picture is different again: see the currency section below.
Airbnb / minpaku rules here (absentee owner, nights per year; rules checked 2026-09-27)
- Chiyoda Ward 千代田区: Barely. 0 in most of the ward; 180 only in a few non-residential business blocks. 56 active minpaku registrations (2026-07-15, +16 vs a year earlier).
- Chuo Ward (Ginza/Nihonbashi) 中央区: Barely. ~104 ward-wide (Sat noon to Mon noon only). 107 active minpaku registrations (2026-07-15, +5 vs a year earlier).
- Minato Ward 港区: Yes, with limits. ~97 in residential-only and school zones (school holidays only); 180 elsewhere. 874 active minpaku registrations (2026-07-15, +142 vs a year earlier).
- Shinjuku Ward 新宿区: Limited. Residential zones: weekends only (~156). Elsewhere 180. Planned: no new units in residential zones, 120 in commercial. 3,775 active minpaku registrations (2026-07-15, +503 vs a year earlier).
- Shibuya Ward 渋谷区: Limited. 63 in residential and school (文教) zones; 180 in commercial zones. 1,845 active minpaku registrations (2026-07-15, +592 vs a year earlier).
Most condo buildings ban minpaku in their bylaws, and a licence stays with the operator, not the building. Rules, registrations and upcoming changes by city →
Prices by year
Median sale price, resale condominiums, closed prices
Median price per ㎡ of floor area, resale condominiums: closed prices and buyer survey (two separate series)
Table view: prices by year
Closed prices (成約価格), 2021–2025: the figures used throughout this page. All types = condos and houses (the closed-price data has no land-only sales).
| Year | Sales (all types) | Condo median price | Condo ¥/㎡ | All-types median price | All-types ¥/㎡ |
|---|---|---|---|---|---|
| 2021 | 3,823 | ¥64.0m | ¥1,114,286 | ¥64.0m | ¥1,114,286 |
| 2022 | 4,057 | ¥69.0m | ¥1,214,286 | ¥69.0m | ¥1,218,182 |
| 2023 | 4,463 | ¥73.0m | ¥1,271,429 | ¥73.0m | ¥1,275,000 |
| 2024 | 4,442 | ¥80.0m | ¥1,418,182 | ¥80.0m | ¥1,420,000 |
| 2025 | 5,715 | ¥91.5m | ¥1,647,059 | ¥92.0m | ¥1,647,059 |
Buyer survey (取引価格・アンケート), 2015–2025: a separate series, shown for the longer trend only and never combined with the table above. All types = condos, houses and land.
| Year | Sales (all types) | Condo median price | Condo ¥/㎡ | All-types median price | All-types ¥/㎡ |
|---|---|---|---|---|---|
| 2015 | 3,807 | ¥30.0m | ¥966,667 | ¥40.0m | ¥1,000,000 |
| 2016 | 4,108 | ¥33.0m | ¥1,000,000 | ¥41.5m | ¥1,025,000 |
| 2017 | 3,982 | ¥33.0m | ¥1,025,000 | ¥44.0m | ¥1,050,000 |
| 2018 | 3,826 | ¥35.0m | ¥1,080,000 | ¥44.0m | ¥1,100,000 |
| 2019 | 3,927 | ¥37.0m | ¥1,111,111 | ¥44.0m | ¥1,133,333 |
| 2020 | 4,034 | ¥39.0m | ¥1,150,000 | ¥46.0m | ¥1,171,429 |
| 2021 | 4,077 | ¥43.0m | ¥1,200,000 | ¥53.0m | ¥1,236,364 |
| 2022 | 3,958 | ¥41.0m | ¥1,275,000 | ¥53.0m | ¥1,300,000 |
| 2023 | 3,763 | ¥46.0m | ¥1,333,333 | ¥60.0m | ¥1,363,636 |
| 2024 | 3,786 | ¥56.0m | ¥1,457,143 | ¥73.0m | ¥1,500,000 |
| 2025 | 3,573 | ¥59.0m | ¥1,600,000 | ¥80.0m | ¥1,666,667 |
By ward
2025 medians for condo sales; change compares condo ¥/㎡ in 2021 and 2025. Closed prices (成約価格) only.
| Area | Sales 2021–2025 | Sales 2025 | Median price 2025 | Median ¥/㎡ 2025 | ¥/㎡ vs 2021 |
|---|---|---|---|---|---|
| Chiyoda (千代田区) | 1,448 | 357 | ¥80.0m | ¥1,714,286 | +38% |
| Chuo (中央区) | 5,651 | 1,427 | ¥110m | ¥1,818,182 | +68% |
| Minato (港区) | 6,361 | 1,577 | ¥110m | ¥1,882,353 | +53% |
| Shinjuku (新宿区) | 5,259 | 1,384 | ¥60.0m | ¥1,225,000 | +23% |
| Shibuya (渋谷区) | 3,781 | 970 | ¥85.0m | ¥1,571,429 | +42% |
By property type, 2021–2025 (closed prices)
Medians across all years of MLIT's closed prices (成約価格). The ¥/㎡ basis differs by type (floor area for condominiums, land area for houses), so compare ¥/㎡ only within a type. The closed-price data has no land-only sales.
| Type | Sales | Median price | Median ¥/㎡ |
|---|---|---|---|
| Condominium (resale) 中古マンション等 | 21,933 | ¥74.0m ≈ US$470,000 | ¥1,300,000 per ㎡ of floor area |
| House / building with land 宅地(土地と建物) | 567 | ¥88.0m ≈ US$558,000 | ¥1,450,000 per ㎡ of land area |
Table view: ¥/㎡ by type and year (closed prices)
| Year | Condominium (resale) ¥/㎡ (n) | House / building with land ¥/㎡ (n) |
|---|---|---|
| 2021 | ¥1,114,286 n=3731 | ¥1,200,000 n=92 |
| 2022 | ¥1,214,286 n=3964 | ¥1,407,407 n=93 |
| 2023 | ¥1,271,429 n=4361 | ¥1,486,364 n=102 |
| 2024 | ¥1,418,182 n=4337 | ¥1,444,444 n=105 |
| 2025 | ¥1,647,059 n=5540 | ¥1,652,174 n=175 |
Buyer survey (取引価格・アンケート), 2015–2025: by type, including land (separate series)
A separate data set, never combined with the closed prices above. Medians across all years, then by year.
| Type | Sales | Median price | Median ¥/㎡ |
|---|---|---|---|
| Condominium (resale) 中古マンション等 | 34,426 | ¥40.0m ≈ US$254,000 | ¥1,163,636 per ㎡ of floor area |
| House / building with land 宅地(土地と建物) | 6,066 | ¥200m ≈ US$1.27m | ¥1,760,952 per ㎡ of land area |
| Land only 宅地(土地) | 2,349 | ¥120m ≈ US$761,000 | ¥1,200,000 per ㎡ of land area |
| Year | Condominium (resale) ¥/㎡ (n) | House / building with land ¥/㎡ (n) | Land only ¥/㎡ (n) |
|---|---|---|---|
| 2015 | ¥966,667 n=2917 | ¥1,333,333 n=640 | ¥916,667 n=250 |
| 2016 | ¥1,000,000 n=3271 | ¥1,428,571 n=607 | ¥1,026,491 n=230 |
| 2017 | ¥1,025,000 n=3179 | ¥1,673,333 n=583 | ¥1,117,647 n=220 |
| 2018 | ¥1,080,000 n=3036 | ¥1,687,500 n=578 | ¥1,100,000 n=212 |
| 2019 | ¥1,111,111 n=3200 | ¥1,562,500 n=553 | ¥1,046,753 n=174 |
| 2020 | ¥1,150,000 n=3344 | ¥1,560,000 n=486 | ¥1,204,478 n=204 |
| 2021 | ¥1,200,000 n=3326 | ¥1,723,810 n=514 | ¥1,238,095 n=237 |
| 2022 | ¥1,275,000 n=3197 | ¥1,750,000 n=554 | ¥1,230,769 n=207 |
| 2023 | ¥1,333,333 n=3039 | ¥2,358,289 n=516 | ¥1,428,571 n=208 |
| 2024 | ¥1,457,143 n=3038 | ¥2,428,571 n=534 | ¥1,541,667 n=214 |
| 2025 | ¥1,600,000 n=2879 | ¥2,758,525 n=501 | ¥1,772,727 n=193 |
Where in central Tokyo: districts and stations
Most price reports stop at city or ward level. MLIT records the district and nearest station for each sale, so we can show how much prices differ within central Tokyo.
By district: resale condominiums, 2023–2025
Districts with at least 10 resale-condo sales in 2023–2025, largest first. Condo-only, so the ¥/㎡ figures are comparable (per ㎡ of floor area). Closed prices (成約価格) only.
| District | Condo sales | Median ¥/㎡ | ≈ US$/ft² | Median price |
|---|---|---|---|---|
| Harumi 晴海 | 903 | ¥1,625,000 | US$958 | ¥120m |
| Kachidoki 勝どき | 613 | ¥1,619,048 | US$954 | ¥110m |
| Shibaura 芝浦 | 505 | ¥1,636,364 | US$965 | ¥100m |
| Nishi-Shinjuku 西新宿 | 422 | ¥1,336,667 | US$788 | ¥63.0m |
| Konan 港南 | 390 | ¥1,429,670 | US$843 | ¥110m |
| Akasaka 赤坂 | 337 | ¥1,485,714 | US$876 | ¥73.0m |
| Mita 三田 | 322 | ¥1,653,333 | US$975 | ¥90.5m |
| Takanawa 高輪 | 337 | ¥1,633,333 | US$963 | ¥99.0m |
| Shirokane 白金 | 310 | ¥2,160,256 | US$1,274 | ¥130m |
| Yoyogi 代々木 | 275 | ¥1,225,000 | US$722 | ¥64.0m |
| Minami-Azabu 南麻布 | 246 | ¥1,504,545 | US$887 | ¥82.5m |
| Tsukishima 月島 | 224 | ¥1,505,556 | US$888 | ¥89.0m |
By nearest station: resale condominiums, 2023–2025
Nearest stations with at least 10 resale-condo sales in 2023–2025, largest first. Condo-only, so the ¥/㎡ figures are comparable (per ㎡ of floor area). Closed prices (成約価格) only.
| Nearest station | Condo sales | Median ¥/㎡ | ≈ US$/ft² | Median price |
|---|---|---|---|---|
| Kachidoki 勝どき | 1,366 | ¥1,619,048 | US$954 | ¥110m |
| Tsukishima 月島 | 572 | ¥1,552,778 | US$915 | ¥98.0m |
| Tamachi 田町(東京) | 537 | ¥1,600,000 | US$943 | ¥100m |
| Shirokane-Takanawa 白金高輪 | 498 | ¥1,866,071 | US$1,100 | ¥110m |
| Shinagawa 品川 | 422 | ¥1,466,667 | US$865 | ¥110m |
| Azabu-Juban 麻布十番 | 394 | ¥1,762,353 | US$1,039 | ¥100m |
| Hiroo 広尾 | 331 | ¥1,900,000 | US$1,120 | ¥130m |
| Hatchobori 八丁堀(東京) | 356 | ¥1,500,000 | US$884 | ¥83.0m |
| Shibuya 渋谷 | 299 | ¥1,675,000 | US$987 | ¥87.0m |
| Ebisu 恵比寿 | 282 | ¥1,800,000 | US$1,061 | ¥97.5m |
| Nishi-Shinjuku-gochome 西新宿五丁目 | 269 | ¥1,436,364 | US$847 | ¥75.0m |
| Shinjuku-gyoemmae 新宿御苑前 | 214 | ¥1,400,000 | US$825 | ¥64.0m |
In your currency
Converted at ECB reference rates of 2026-09-25: ¥157.59 = 1 USD, ¥110.79 = 1 AUD, ¥20.09 = 1 HKD, ¥123.39 = 1 SGD. The same rate is applied to every figure, so these are today's-money conversions of yen prices, not what was paid at the time. Your bank's rate and fees will differ. Closed prices (成約価格).
| JPY | USD | AUD | HKD | SGD | |
|---|---|---|---|---|---|
| Median price, 2025 (condo) | ¥91,500,000 | US$581,000 | A$826,000 | HK$4.55m | S$742,000 |
| Median ¥/㎡, 2025 | ¥1,647,059 | US$10,452 | A$14,867 | HK$81,982 | S$13,348 |
| Median price per ft², 2025 | ¥153,017 | US$971 | A$1,381 | HK$7,616 | S$1,240 |
Exchange rates matter as much as prices. At each year's average rate (¥110 per US$ in 2021, ¥150 in 2025), the median ¥/㎡ for resale condominiums, closed prices went from about US$10,142 to US$11,006 per ㎡: +9% in dollar terms, against +48% in yen. Dollar-based owners who bought in 2021 have seen a smaller gain than the yen figures suggest, and dollar-based buyers today pay less in their own currency than the yen trend implies.
Read this before relying on the numbers
- Two price series, never mixed. MLIT publishes brokers' closed prices (成約価格情報, from 2021) and, separately, a buyer survey (取引価格・アンケート, from before 2015). Every level figure on this page (medians, ¥/㎡, districts, stations, currencies, the typical-property example) uses closed prices only. The buyer survey appears only as its own labelled line and table, for the longer trend: it includes many more small investment studios, so its medians sit below closed prices and the two lines must not be read as one series. The same sale can appear in both.
- Mix effects. A median moves when the mix of what sold changes (size, age, tower vs. low-rise, location), even if like-for-like prices don't. The data does not let us hold quality constant; this is not a repeat-sales index.
- ¥/㎡ bases differ. Condominium ¥/㎡ is per ㎡ of floor area; houses and land are per ㎡ of land. Don't compare across types.
- Stations and districts are as recorded by MLIT (nearest station; district = 町名). A nearest station can lie outside the ward. English names are our romanisation.
Methodology
- Data: Brokers' closed prices (成約価格情報), 2021Q1–2025Q4, for every level figure; and, only as a separate labelled series, the buyer-survey transaction prices (不動産取引価格情報), 2015Q1–2025Q4 for Central Tokyo (5 wards) (東京都心5区（千代田・中央・港・新宿・渋谷）; municipality code 13101,13102,13103,13104,13113), from the MLIT Real Estate Information Library. Fetched 2026-09-29.
- Median, not average: a few very large sales (whole buildings, development land) would distort an average.
- ¥/㎡: price divided by recorded area: floor area for condominiums, land area for land and land-with-building sales.
- Coverage: MLIT publishes brokers' closed prices (REINS-based, from 2021) and, separately, prices reported through its buyer survey. We select each record by MLIT's price-type field (価格情報区分) and never pool the two. Neither covers every sale, and prices and areas are rounded.
- Year: the quarter of the transaction recorded by MLIT, grouped by calendar year.
- “All property types” = land, land with building, and resale condominiums. Forest land and farmland are shown only in the by-type table.
- Excluded as non-market: sales flagged by MLIT as between related parties, court auctions/mediation, or purchase of adjoining land.
- Plots recorded only as “2,000㎡ or more” / “5,000㎡ or more” are counted in price medians but not in ¥/㎡.
- The latest year shown is the last complete calendar year; newer quarters are held back until the year is complete.
- Newest data available at fetch time: 2026Q1.
Official land price here (基準地価, 1 July 2026, published September 2026)
| Area | Residential median ¥/㎡ | Commercial median ¥/㎡ | 1 yr, all uses | 5 yr, all uses |
|---|---|---|---|---|
| Chiyoda 千代田区 | ¥4,070,000 US$25,826/㎡ · n=4 | ¥4,940,000 US$31,347/㎡ · n=28 | +11.9% n=31 | +49.1% n=31 |
| Chuo 中央区 | ¥1,815,000 US$11,517/㎡ · n=4 | ¥4,100,000 US$26,017/㎡ · n=27 | +13.2% n=31 | +55.0% n=30 |
| Minato 港区 | ¥2,550,000 US$16,181/㎡ · n=10 | ¥6,320,000 US$40,104/㎡ · n=27 | +14.5% n=38 | +55.6% n=34 |
| Shinjuku 新宿区 | ¥1,050,000 US$6,663/㎡ · n=12 | ¥3,800,000 US$24,113/㎡ · n=29 | +14.5% n=41 | +54.5% n=41 |
| Shibuya 渋谷区 | ¥1,620,000 US$10,280/㎡ · n=10 | ¥8,475,000 US$53,779/㎡ · n=18 | +12.4% n=28 | +47.8% n=28 |
Appraised benchmark values per ㎡ of land (as if vacant), not transaction prices, and not comparable one-to-one with the sale prices above (which include buildings and, for condos, are per ㎡ of floor area). n = sample points. Processed from MLIT National Land Numerical Information (CC BY 4.0); our medians. USD at ECB 2026-09-25. Official land prices by ward and station, 2006–2026 →
Disaster risk here (public hazard data, area level)
| Area | JMA 6-lower, 30 yr median (range) | River flood ≥0.5 m share of area | Storm surge | Landslide zones | Liquefaction indicator | Pre-1981 condos share of 2021–25 sales; contract + survey data |
|---|---|---|---|---|---|---|
| Chiyoda 千代田区 | 44% (31%–71%) | 26% | 22% | <1% | Medium | 14% |
| Chuo 中央区 | 55% (34%–77%) | 44% | 55% | 0% | High | 7% |
| Minato 港区 | 51% (36%–76%) | 10% | 25% | 2% | Medium | 18% |
| Shinjuku 新宿区 | 46% (33%–62%) | 12% | 3% | <1% | Low | 16% |
| Shibuya 渋谷区 | 51% (35%–69%) | 11% | 0% | <1% | Medium | 22% |
Busiest stations on this page:
- Kachidoki 勝どき: 54% (6-lower, 30 yr); ≥0.5 m river flood on 3% of the 500 m circle; storm-surge zone on 69% of it; liquefaction indicator medium
- Tsukishima 月島: 65% (6-lower, 30 yr); ≥0.5 m river flood on <1% of the 500 m circle; storm-surge zone on 69% of it; liquefaction indicator high
- Shirokane-Takanawa 白金高輪: 51% (6-lower, 30 yr); ≥0.5 m river flood on 21% of the 500 m circle; storm-surge zone on 4% of it; liquefaction indicator low; landslide zone within 500 m
Earthquake: J-SHIS 2024 (processed). Flood: MLIT maximum-scale river-flood zones; drain and sewer (内水) flooding is not included. Liquefaction: our proxy from Tokyo's open borehole data, not the official map. Figures describe the area, not a building. We do not give insurance or building-inspection advice; this page summarises public data. Earthquake & flood risk by ward and station, and what the 1981 standard means →
What would a typical property here cost in total?
Taxes and fees on top of the price, and the property taxes due every year, for a typical sale in central Tokyo. Worked out with our Japan property tax & cost calculator: open it to change any assumption, add rent for yield and withholding, or a sale for capital-gains tax.
Central Tokyo (5 wards): typical resale condo: ¥91.5m
Price = 2025 median resale-condo closed price (成約価格) in Central Tokyo (5 wards) (MLIT, n=5,540); floor area 56㎡ = price ÷ median ¥1,647,059/㎡. Assumes: 30% of the price is land; built 2005; reinforced concrete; non-resident buyer; let to a long-term tenant; city planning tax included.
Estimates only — confirm with a licensed Japanese tax accountant (税理士). Local taxes use an assumed assessed value (land 70%, building 60% of each part of the price); the real figure is on the seller's tax bill. Last reviewed 2026-09.
Can you get a mortgage to buy in central Tokyo? It depends on your residency status: permanent residents borrow like Japanese nationals, a few banks lend to foreigners living in Japan on a visa, and buyers living abroad have only a handful of options (mostly for Taiwan and Hong Kong), usually with 30–50% down. See Japanese mortgages for foreigners: lenders by residency status (updated monthly), or estimate the monthly repayment: permanent resident · living in Japan, no PR · living abroad. We are not a lender and receive no fees from banks.
Source: MLIT Real Estate Information Library (processed by Japan House Prices). https://www.reinfolib.mlit.go.jp/ — 出典：国土交通省 不動産情報ライブラリ（https://www.reinfolib.mlit.go.jp/）のデータを加工して作成. Original content: Transaction prices (不動産取引価格情報) and contract prices (成約価格情報). We filtered, grouped and took medians of the published records; the resulting figures are our own and are not published or endorsed by MLIT (国土交通省).
Exchange rates: ECB euro foreign exchange reference rates of 2026-09-25. Past transaction prices do not predict future prices; this page is not a valuation, an offer of property, or investment advice. Last reviewed 2026-09.
Thinking of buying in central Tokyo?
We can introduce you to licensed local brokers who work with overseas buyers. We are not a real estate broker; we introduce you to licensed Japanese brokers. We don't describe, recommend or negotiate properties, and we don't charge buyers. Brokers may pay us a referral fee.
More price pages
Niseko property prices · Hakuba property prices · Furano property prices · Myoko property prices · Rusutsu property prices · Nozawa Onsen property prices · Chiyoda apartment prices · Chuo apartment prices · Minato apartment prices · Shinjuku apartment prices · Shibuya apartment prices · Kyoto property prices · Tokyo price per square metre, by ward · Tokyo condo prices — monthly tracker
New to buying in Japan? Read our step-by-step guide for foreign buyers. Rules for foreign buyers are changing: see the foreign ownership rules tracker. Planning to rent it out short-term? See Airbnb (minpaku) rules by city. Need a loan? See mortgages for foreigners by residency status. Worried about earthquakes and floods? See Tokyo earthquake & flood risk by ward (with prices).