Central 5 Wards (Chiyoda, Chuo, Minato, Shinjuku, Shibuya)¶
The three central wards plus Shinjuku and Shibuya. Office districts mix with residential areas, with deep demand from singles and dual-income couples.
Current phase¶
Plateau (high prices, easing demand) (simplified) (adjustment pressure 22 / 100, confidence low, as of 2026-Q1)
There are no monthly market statistics for this area, so this is a simplified call based on MLIT's quarterly closing data (year-on-year change in price per m² and in counts, and consecutive quarters of decline). For prefectures it also uses the gap between official land prices and land transaction prices in the same districts, and the year-on-year change in resident population. The data lag about three months.
What to watch: Changes in the price gap to the three central wards.
Resale condominium closing prices (MLIT)¶
Price per m² in units of ¥10,000 (万円). Quarters with fewer than 10 closings are not shown.
| Quarter | Median price per m² (¥10k) | Closings |
|---|---|---|
| 2024 Q2 | 140.0 | 1,161 |
| 2024 Q3 | 142.9 | 997 |
| 2024 Q4 | 153.3 | 1,031 |
| 2025 Q1 | 153.8 | 1,357 |
| 2025 Q2 | 166.7 | 1,390 |
| 2025 Q3 | 169.2 | 1,402 |
| 2025 Q4 | 169.1 | 1,391 |
| 2026 Q1 | 173.3 | 1,275 |
- Year-on-year change in median price per m²: +12.7% (2026 Q1)
By floor plan (resale condominiums, last 4 quarters)¶
2025 Q2 to 2026 Q1. Floor plans with fewer than 10 closings are not shown. "S" (service room) is not counted as a room.
| Floor plan | Closings | Median price (¥10k) | Median per m² (¥10k) | Median size (m²) | Per m², year on year |
|---|---|---|---|---|---|
| Studio / 1K / 1DK | 1,307 | 3,000 | 110.0 | 25.0 | +5.8% |
| 1LDK | 1,414 | 8,000 | 168.9 | 45.0 | +17.3% |
| 2 rooms (2K-2LDK) | 1,829 | 13,000 | 200.0 | 65.0 | +18.2% |
| 3 rooms (3K-3LDK) | 878 | 17,000 | 212.5 | 80.0 | +19.5% |
| 4 rooms or more | 30 | 18,500 | 188.6 | 97.5 | +21.2% |
Houses and land (MLIT)¶
Transaction prices from MLIT's survey of registered sales. Prices in ¥10,000. Quarters with fewer than 20 deals are not shown.
| Quarter | Median house price (¥10k) | House deals | Houses under ¥10m | Median land price per m² (¥10k) |
|---|---|---|---|---|
| 2025 Q2 | 26,000 | 113 | 0.0% | 163.8 |
| 2025 Q3 | 36,500 | 134 | 0.0% | 225.0 |
| 2025 Q4 | 35,500 | 114 | 0.0% | 184.0 |
| 2026 Q1 | 54,000 | 43 | 0.0% | — |
Official land prices (Chika Koji, MLIT)¶
Prices of standard sites as of 1 January each year (published in March). The change is the average for sites that continue from the previous year.
| Year | Use | Median (¥ per m²) | Change | Sites |
|---|---|---|---|---|
| 2024 | Commercial | 3,330,000 | +6.6% | 243 |
| 2025 | Commercial | 3,865,000 | +12.8% | 240 |
| 2026 | Commercial | 4,450,000 | +13.3% | 239 |
| 2024 | Residential | 1,480,000 | +6.9% | 101 |
| 2025 | Residential | 1,685,000 | +11.8% | 98 |
| 2026 | Residential | 1,910,000 | +12.8% | 99 |
This service uses the API of the MLIT Real Estate Information Library, but the timeliness, accuracy and completeness of the information provided are not guaranteed. (このサービスは、国土交通省不動産情報ライブラリのAPI機能を使用していますが、提供情報の最新性、正確性、完全性等が保証されたものではありません。)
Figures are medians of individual transactions and change with the mix of what sold. Regime labels are our own interpretation, not investment advice.