What the data says
Price per square metre of floor area is the fairest way to compare Tokyo apartments, because it strips out unit size. In 2025, the median resale condominium in the five central wards sold for ¥1.65m per ㎡ (about US$971 per ft²), +48% on 2021. Minato was the most expensive ward at ¥1.88m/㎡ and Shinjuku the least expensive at ¥1.23m/㎡, a gap of 54%. Every ward rose, but not equally: from 2021 to 2025 the increase ranged from +23% (Shinjuku) to +68% (Chuo). In US dollars at each year's average rate, the five-ward median went from about US$942/ft² to US$1,022/ft² (+9%), because the yen weakened from ¥110 to ¥150 per dollar. All of these are brokers' closed prices (成約価格), which MLIT publishes from 2021. For a longer view, MLIT's separate buyer survey (取引価格・アンケート), shown only as its own line and table, put the five-ward median at ¥966,667 in 2015 and ¥1.60m in 2025 (+66%); it includes more small investment studios, so it is never combined with the closed prices.
Only five of Tokyo's 23 wards are covered on this page so far. It uses resale condominiums only (no new-build sales, houses or land), per ㎡ of floor area. 1 ㎡ = 10.764 ft². Every level figure is a closed price (成約価格, from 2021); the buyer survey (取引価格・アンケート) appears only as its own line and table.
Median resale-condo price per ㎡, 2025 (closed prices)
Median resale-condo price per ㎡, five central wards combined: closed prices and buyer survey (two separate series)
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 →
By ward and year
Median resale-condo ¥/㎡, closed prices (成約価格). Click a ward for districts, stations and houses.
| Year | Chiyoda | Chuo | Minato | Shinjuku | Shibuya | 5 wards |
|---|---|---|---|---|---|---|
| 2021 | ¥1.24m | ¥1.08m | ¥1.23m | ¥1.00m | ¥1.10m | ¥1.11m |
| 2022 | ¥1.29m | ¥1.19m | ¥1.36m | ¥1.06m | ¥1.20m | ¥1.21m |
| 2023 | ¥1.33m | ¥1.26m | ¥1.44m | ¥1.08m | ¥1.29m | ¥1.27m |
| 2024 | ¥1.40m | ¥1.47m | ¥1.62m | ¥1.22m | ¥1.44m | ¥1.42m |
| 2025 | ¥1.71m | ¥1.82m | ¥1.88m | ¥1.23m | ¥1.57m | ¥1.65m |
| 2021→2025 | +38% | +68% | +53% | +23% | +42% | +48% |
Buyer survey (取引価格・アンケート), 2015–2025: by ward and year (separate series)
A separate data set with more small investment studios, shown for the longer trend only and never combined with the closed prices above.
| Year | Chiyoda | Chuo | Minato | Shinjuku | Shibuya | 5 wards |
|---|---|---|---|---|---|---|
| 2015 | ¥1.00m | ¥950,000 | ¥1.05m | ¥882,353 | ¥965,686 | ¥966,667 |
| 2016 | ¥1.05m | ¥1.00m | ¥1.10m | ¥912,500 | ¥1.00m | ¥1.00m |
| 2017 | ¥1.10m | ¥1.00m | ¥1.13m | ¥950,000 | ¥1.04m | ¥1.02m |
| 2018 | ¥1.15m | ¥1.03m | ¥1.16m | ¥1.02m | ¥1.10m | ¥1.08m |
| 2019 | ¥1.20m | ¥1.06m | ¥1.25m | ¥1.05m | ¥1.10m | ¥1.11m |
| 2020 | ¥1.24m | ¥1.10m | ¥1.28m | ¥1.10m | ¥1.20m | ¥1.15m |
| 2021 | ¥1.27m | ¥1.18m | ¥1.35m | ¥1.14m | ¥1.20m | ¥1.20m |
| 2022 | ¥1.30m | ¥1.24m | ¥1.44m | ¥1.16m | ¥1.27m | ¥1.27m |
| 2023 | ¥1.34m | ¥1.30m | ¥1.52m | ¥1.20m | ¥1.35m | ¥1.33m |
| 2024 | ¥1.45m | ¥1.45m | ¥1.76m | ¥1.30m | ¥1.50m | ¥1.46m |
| 2025 | ¥1.65m | ¥1.65m | ¥1.96m | ¥1.40m | ¥1.60m | ¥1.60m |
| 2015→2025 | +65% | +73% | +87% | +59% | +66% | +66% |
Per square foot, 2025
| Ward | ¥/㎡ | ¥/ft² | USD/ft² | AUD/ft² | HKD/ft² | SGD/ft² | Sales |
|---|---|---|---|---|---|---|---|
| Minato | ¥1,882,353 | ¥174,876 | US$1,110 | A$1,578 | HK$8,704 | S$1,417 | 1,557 |
| Chuo | ¥1,818,182 | ¥168,915 | US$1,072 | A$1,525 | HK$8,408 | S$1,369 | 1,421 |
| Chiyoda | ¥1,714,286 | ¥159,263 | US$1,011 | A$1,438 | HK$7,927 | S$1,291 | 357 |
| Shibuya | ¥1,571,429 | ¥145,991 | US$926 | A$1,318 | HK$7,267 | S$1,183 | 907 |
| Shinjuku | ¥1,225,000 | ¥113,806 | US$722 | A$1,027 | HK$5,665 | S$922 | 1,298 |
By nearest station, 2023–2025
Stations with at least 30 resale-condo sales in 2023–2025 among the 15 busiest stations across the five wards, most expensive first. Closed prices (成約価格) only.
| Station | Condo sales | Median ¥/㎡ | ≈ US$/ft² |
|---|---|---|---|
| Hiroo 広尾 | 331 | ¥1,900,000 | US$1,120 |
| Shirokane-Takanawa 白金高輪 | 498 | ¥1,866,071 | US$1,100 |
| Ebisu 恵比寿 | 282 | ¥1,800,000 | US$1,061 |
| Azabu-Juban 麻布十番 | 394 | ¥1,762,353 | US$1,039 |
| Shibuya 渋谷 | 299 | ¥1,675,000 | US$987 |
| Kachidoki 勝どき | 1,366 | ¥1,619,048 | US$954 |
| Tamachi 田町(東京) | 537 | ¥1,600,000 | US$943 |
| Omotesando 表参道 | 179 | ¥1,600,000 | US$943 |
| Tsukishima 月島 | 572 | ¥1,552,778 | US$915 |
| Hatchobori 八丁堀(東京) | 356 | ¥1,500,000 | US$884 |
| Shinagawa 品川 | 422 | ¥1,466,667 | US$865 |
| Nishi-Shinjuku-gochome 西新宿五丁目 | 269 | ¥1,436,364 | US$847 |
| Shinjuku-gyoemmae 新宿御苑前 | 214 | ¥1,400,000 | US$825 |
| Suitengumae 水天宮前 | 221 | ¥1,175,000 | US$693 |
| Takadanobaba 高田馬場 | 224 | ¥1,000,000 | US$590 |
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.
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 Tokyo?
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More price pages
Niseko property prices · Hakuba property prices · Furano property prices · Myoko property prices · Rusutsu property prices · Nozawa Onsen property prices · Central Tokyo apartment prices · Chiyoda apartment prices · Chuo apartment prices · Minato apartment prices · Shinjuku apartment prices · Shibuya apartment prices · Kyoto property prices · 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).